Erdogan Replaces Finance Minister, Rate Cut Impact Deepened

Turkey’s President Recep Tayyip Erdogan abruptly replaced the finance minister amid deepening national debate over aggressive interest-rate cuts that have undermined the lira and fueled inflation and price pressures.

Lutfi Elvan will exit after less than 12 months in office. The new minister is Nureddin Nebati, according to a decree published in the Official Gazette.

Nebati, 57, has been a deputy finance minister since 2018 and is close to former finance minister Berat Albayrak who is Erdogan’s son in law.