Turkey’s Recep Tayyip Erdogan met Mehmet Simsek, a market-friendly former finance minister, in the capital Ankara on Monday as the president looks to announce a new cabinet as early as Friday, according to two people familiar with the discussions.

Influential names within Erdogan’s circle are arranging the talks, the people said, asking not to be named because the talks are private. Erdogan, who was reelected Sunday and is now preparing the ground to extend his 20-year rule into a third decade, has promised his new economic team would have “international credibility.”

Expectations have been building that Simsek will return to Erdogan’s administration and help steer the economy as the currency plunges and FX reserves dwindle. The lira weakened toward a record low after Sunday’s runoff vote.

Simsek and Erdogan’s office did not comment on the talks and there was no public announcement after the meeting.

Simsek previously said he would refrain from “active politics.”

Presidential spokesman Ibrahim Kalin on Monday said Simsek would help manage the economy regardless of whether he takes place in the cabinet.

--With assistance from Selcan Hacaoglu and Beril Akman.