Erdogan brings in new finance minister following Turkish lira collapse

Turkish Lira

ANKARA: President Turkey Recep Erdogan has been forced to bring in a new finance minister following the disastrous collapse of Turkish lira. The previous Finance Minister Lutfi Elvan had excused himself from the duty amidst growing criticism and poor performance of the Turkish currency.

In an announcement appeared in the Official Gazette, Nureddin Nebati has been appointed as the new finance minister of the country. The Erdogan-led government has been under fire from all corners for its economic policy that has seen the Turkish lira lose 40 per cent value against the US dollar since January this year.

It is pertinent to mention here that Erdogan still wants to lower the interest rates, arguing that higher interest rates are directly responsible for inflation in the country.

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