ISTANBUL - Turkey's President Tayyip Erdogan on Saturday named former economy chief Mehmet Simsek as treasury and finance minister as he announced the cabinet for his new five-year term.

Simsek was highly regarded by investors when he served as finance minister and deputy prime minister between 2009 and 2018. Reuters reported this week that Erdogan was viewed as almost certain to include Simsek in his new cabinet, either as finance minister or as a vice president responsible for the economy.

His appointment could mark a departure from years of unorthodox economic policies under Erdogan, which have included sticking to low interest rates despite high inflation, and heavy state control of markets.

(Reporting by Ezgi Erkoyun and Huseyin Hayatsever, Editing by Angus MacSwan)