Erdogan replaces Finance Minister amid record drop in Turkish Lira

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.

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.

Nebati, who holds a doctorate in political science and who was engaged in textile business, 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. (ANI/Sputnik)

( With inputs from ANI )

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