ISTANBUL: Turkey’s president Recep Tayyip Erdogan abruptly replaced his finance minister amid deepening rifts in the administration over aggressive interest-rate cuts that have undermined the currency and fuelled inflation.Lutfi Elvan will exit after a little more than 12 months on the job and will be replaced with Nureddin Nebati, according to a decree published in the official gazette.
Nebati, 57, has been a deputy finance minister since 2018 and is perceived to be close to former economy czar Berat Albayrak, a son-in-law of Erdogan. Turkey’s lira, already trading near record lows, dipped after the announcement on growing concern over Erdogan’s economic policy and the removal of officials who disagree with his priorities.
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