The President of Turkey, Recep Tayyip Erdogan, has appointed Nureddin Nebati as the new Finance Minister on Wednesday, replacing Lutfi Elvan, in an attempt to reverse the country’s economic situation and the collapse of its currency, the Turkish lira.
Thus, after a little more than twelve months at the head of the Finance portfolio, Elvan leaves Nebati, who until now had served as deputy minister of this ministry and is considered close to the former minister of the area Berat Albayrak, Erdogan’s own son-in-law, according to Bloomberg.
Just this Wednesday, the Turkish authorities have decided to intervene in the currency markets with the aim of trying to put a brake on the plunge of the lira, which during 2021 has lost about half of its value in relation to the dollar.
“The Central Bank of Turkey will intervene directly in the market through sale transactions due to unhealthy price formations in the exchange rate,” the entity, which has also begun to carry out transactions in the derivatives market of the national stock exchange, has indicated in a statement.
The Turkish currency is trading near all-time lows these days, even more so with concerns over Erdogan’s economic policy and the dismissal of officials for disagreeing with his measures.
In recent weeks, the currency’s plunge has been exacerbated following the president’s comments that the country was waging an “economic war”. The lira also recorded negative developments after the country’s central bank cut interest rates by 100 basis points in mid-November.