x

Economy

Turkey’s Erdogan Replaces Finance Minister as Lira Crashes

December 2, 2021

ANKARA — Turkish President Recep Tayyip Erdogan appointed a new treasury and finance minister Thursday after the previous one stepped down as the country’s currency has tumbled to record lows.

Erdogan named deputy minister Nureddin Nebati to the post, according to an announcement published in the Official Gazette. It said Lutfi Elvan asked to be “pardoned from the job” and that his request was accepted.

His resignation comes as the Turkish lira has been plummeting to successive all-time lows over concerns about the government’s economic policy. The lira’s plunge follows a series of cuts in borrowing costs despite soaring consumer prices that have made it difficult for people to buy food and other products.

The Turkish currency has lost about 40% of its value since the start of the year.

Erdogan strongly argues that high interest rates cause inflation — contrary to conventional economic thinking — and has made clear that the country would press ahead with rate cuts.

Nebati, 57, who has a doctorate in political science and public administration, is known to be a supporter of Erdogan’s drive to reduce interest rates even with inflation running at around 20%.

Nebati said Thursday that high interest rates would not be a “priority.”

“We will experience a process in which steps are taken within the scope of policies that are determined by our president,” the state-run Anadolu Agency quoted him as saying as he took office in a brief ceremony.

The president also has dismissed three central bank governors since 2019 over differences on interest rates, raising concerns about its independence.

Elvan, who stepped down as finance minister, had himself replaced Erdogan’s son-in-law, Berat Albayrak, who resigned last year.

RELATED

DOHA - Prime Minister Kyriakos Mitsotakis had a meeting with the Emir of Qatar, Sheikh Tamim bin Hamad al Thani, on Saturday in Doha.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Zelenskyy Hosts Western Leaders in Kyiv as Ukraine Marks 2 Years since Russia’s Full-Scale Invasion

KYIV, Ukraine  — President Volodymyr Zelenskyy welcomed Western leaders to Kyiv Saturday to mark the second anniversary of Russia's full-scale invasion, as Ukrainian forces run low on ammunition and weaponry and foreign aid hangs in the balance.

MOSCOW - The body of Russian opposition leader Alexei Navalny has been handed over to his mother, a top aide to Navalny said Saturday on his social media account.

OXON HILL, Md.  — Former President Donald Trump cast November's presidential election as “judgment day” and declared himself a “proud political dissident” during a speech before conservative activists outside of Washington Saturday as he again cloaked his campaign in religious imagery.

NEW YORK – Greek-American Ari Raptis, Founder and CEO of Talaria Transportation, was featured in an interview in Authority Magazine (AM) sharing his insights into secure logistics.

From shamrocks to leprechaun hats to green beer, it just wouldn't be St.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.