Minister of Finance and Treasury Lütfi Elvan has resigned from his post and has been replaced with his deputy, Nureddin Nebati, according to a presidential decision published in the Official Gazette today (December 2).
Recently, President Recep Tayyip Erdoğan has implicitly criticized Elvan, who reportedly opposed his lower interest rate policy, which led to a plunge in the lira.
In a speech on November 17, the president said, “No offense to our friends whom we walked together in this struggle; I can’t be together with those who defend interest rates,” in remarks targeting Elvan.
Elvan replaced Berat Albayrak, the son-in-law of the president, as the finance minister last November. His appointment was perceived as a return to conventional economic policies.
bne IntelliNews noted: “Nebati is a new character on the scene in the Erdogan administration, seeking to build a career with his commitment to cutting rates.”
Another thing to know about Nebati is that he is a close associate of Albayrak. Thus, Albayrak, who burnt through around $140bn of reserves in his doomed back door bid to breathe new life into the lira, sees his man ascend to the helm of the finance ministry and treasury on the first day of the new policy of selling reserves through the front door.
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