Erdogan has appointed a new finance minister, who will save the pound and the country from rising inflation

Turkish President Recep Tayyip Erdogan / Photo by EPA-EFE / VLADIMIR SMIRNOV /

Turkish President Recep Tayyip Erdogan today appointed Nuredin Nebati as the new Minister of Treasury and Finance, after the current Minister Lutfi Elvan resigned due to the fall of the national currency, the lira to a record low.

The decision to appoint Nebati, who was deputy finance minister, was published in the Official Gazette, stating that Elvan had asked to "retire from work" and that his request had been accepted, the AP reported.

His resignation comes after the Turkish lira fell to its lowest level ever due to concerns about the government's economic policy, following a series of cuts in borrowing costs despite rising inflation. The Turkish currency has lost about 40% of its value since the beginning of the year.

Erdogan is adamant that high interest rates are causing inflation, contrary to conventional economic opinion, and has made it clear that the country will continue to cut its benchmark interest rate.

The president fired three central bank governors in 2019 over interest rate differences.

Nebati, 57, has a doctorate in political science and public administration, and on Twitter, after his appointment, announced a prayer to God "to make his job easier, not harder" and "to make the work of his ministry successful."

Former Minister Elvan replaces Erdogan's son-in-law, Berat Albayrak, who resigned last year.

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