Turkish President Recep Tayyip Erdogan has replaced the country’s finance minister as the lira continues to fall causing economic panic and hardship in the country. The currency has lost more than 40 of its value against the dollar this year. The lira has continued to fall in the wake of recent rate cuts staunchly defended by Erdogan.
Erdogan accepted the resignation of Lutfi Elvan and appointed his deputy, Nureddin Nebati, as the new finance minister, Erdogan announced in a presidential decree issued near midnight on Wednesday. Elvan had spent a year in the role.
Turkey’s central bank, reportedly under pressure from Erdogan, lowered its key interest rate in November for the third time in less than two months, despite rising inflation. The country has had four central bank governors since 2019.