A historic devaluation of the Turkish lira has led to the removal of Finance Minister

 

A historic devaluation of the Turkish lira has led to the removal of Finance Minister

Turkish President Recep Tayyip Erdogan has appointed a new finance minister following the resignation of the previous finance minister as the country's currency has reached an all-time low.

According to an announcement in the official gazette, Rajab Tayyip Erdogan has appointed Deputy Minister Nooruddin Nabati as the new Finance Minister, according to the foreign news agency AP.

Earlier, Lotfi Elwan had resigned from the post which was accepted.

His resignation comes at a time when the Turkish lira has plummeted to record lows due to concerns over the government's economic policies.

Despite the rise in consumer prices, the depreciation of the lira following cuts in borrowing costs has made it difficult for people to buy food and other necessities.

The Turkish currency has depreciated by about 40% since the beginning of the year.

Rajab Tayyab Ardawan has strongly argued that high-interest rates lead to inflation as opposed to traditional economic thinking and made it clear that the country will move forward with lower interest rates.

Nooruddin Nabati, a 57-year-old with a doctorate in political science and public administration, is said to be a supporter of Erdogan's campaign to cut interest rates despite nearly 20 percent inflation.

He says higher interest rates will not be a priority.