Ministry of Economy & Finance

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The Ministry of Finance (Turkish: Hazine ve Maliye) is the central executive body responsible for drafting and implementing government policy and legal regulations in the areas of budgetary management, taxation, insurance, public borrowing, state accounting and reporting, customs duties, financial markets, auditing, public debt, and the management of state assets. It also oversees financial support for public services and plays a vital role in the formulation of macroeconomic and fiscal policy.

The origins of Türkiye's central treasury institution date back to the Ottoman Empire, with formal financial authority consolidated in the early 19th century under Sultan Mahmud II. The modern Ministry of Finance was established following the foundation of the Republic in 1923 and has continued to evolve as the nation's primary financial authority.

The Ministry operates as the supreme authority in revenue administration and oversees several subordinate institutions, including the Revenue Administration (Gelir İdaresi Başkanlığı), the Public Financial Management and Control Directorate, and the General Directorate of National Property. It also collaborates with the Capital Markets Board (SPK) and Banking Regulation and Supervision Agency (BDDK) for financial market oversight.

Its mission is to promote economic development, ensure equitable distribution of national income, safeguard financial stability and national security, and strengthen public trust in the financial system of Türkiye through efficient and transparent fiscal management.

In Turkish politics, the Ministry of Treasury and Finance is considered one of the core “classical ministries,” alongside the Ministries of Interior, Foreign Affairs, Justice, and National Defense. The Minister of Treasury and Finance plays a central role in fiscal policy and has a key voice in economic decision-making, including the ability to block or condition proposals that have significant budgetary implications.

The current Finance Minister is Alexei Kudrin. He assumed office on January 16 2002. He was nominated by Prime Minister Valeriya Kuzmina and is a well-respected economist.

Minister Kudrin served as a senior analyst under the Prime Minister's office between 1991-1994 and then as director of financial regulations between 1994 and 1999. As a seasoned civil he is bringing a wealth of experience and expertise to the role. He received both a Bachelor and Masters degree in Economics from Oxford University.

Having served as a career civil servant in the Ministry of Finance and in the Prime Minister's office, Minister
Kudrin oversaw important regulations which limited the disastrous effects of the Shock-Therapy doctrine. Kudrin was a staunch advocate against the measures. He has pursued a conservative financial policy since becoming Minister but has since 2003 begun to adopt more expansionist financial measures.

Alexei Kudrin​

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