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Finance minister after currency devaluation in Turkey

Finance minister after currency devaluation in Turkey

Ankara, Dec 2 (Prensa Latina) Turkish President Recep Tayyip Erdogan appointed Nureddin Nebati as the new Finance Minister following the resignation of Lutfi Elvan in the midst of a sharp currency devaluation, a communiqué said today.

The document notes that Elvan requested to be relieved of his post and his request was accepted by Erdogan, whose government is facing a financial crisis due to the fall of the Turkish lira, which lost 30 percent of its value against the dollar last November.

Despite the unstoppable devaluation of the currency, the Turkish government maintains as a strategy a low interest rate which Elvan opposed, according to analysts, who consider that these differences motivated his departure from the portfolio.

Erdogan said during a speech last Wednesday that “we are abandoning the policy of high interest rates and moving to a strategy of growth through investment, employment and production”, in order to revive the country’s economy.

In the Turkish market, the lira fell this Thursday 1.47 percent against the dollar and is trading at 13.52, as well as 1.75 percent against the euro, at 15.31, which shows a sustained depreciation against those currencies that affects the purchasing power of the population.

In view of this situation, the Government recently announced that the Central Bank of Turkey will directly intervene in the market through sale transactions, due to unhealthy price formations in the exchange rate.

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