Recep Tayyip Erdogan replaces finance minister as Lira hits record low against Euro

Ankara: Turkish President Recep Tayyip Erdogan replaced the republic’s minister of finance and treasury amid a record drop in the Turkish lira exchange rate, according to the decree published in the official Resmi Gazette newspaper. Lutfi Elvan was appointed to the post of finance minister in November 2020 following the resignation of Erdogan’s son-in-law, Berat Albayrak, who previously held this post. In 2015-2016, Elvan was Turkey’s deputy prime minister. Nureddin Nebati, who has been appointed as Turkey’s minister of treasury and finance, holds a doctorate in political science and was engaged in textile business. He served as deputy finance minister prior to his appointment as minister, expressing his determination to continue the policy of lowering the discount rate. The exchange rate of the Turkish currency on Wednesday morning fell due to a new decrease in the discount rate by the central bank of Turkey expected in mid-December; the lira once again hit a fresh all-time low - 13.71 per 1 US dollar.