Turkish President Recep Tayyip Erdogan replaced the country's finance minister on Wednesday after weeks of economic turmoil in which inflation has soared while the lira plummeted to record lows.Īccording to a presidential decree issued near midnight, Erdogan accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.Įlvan had only been in the role since November 2020, when he was appointed after the resignation of Erdogan's son-in-law Berat Albayrak.īut Elvan's year-long tenure has been marked by numerous crises.Įarlier Wednesday, the Turkish Central Bank intervened in markets to prop up the nosediving lira, which has lost nearly 30 percent in value against the dollar in just a month.
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