12/2/2021, 1:33 AM (Source: TeleTrader)
more TeleTrader news

Erdogan replaces finance minister amid lira's drop

Turkish Finance Minister Lutfi Elvan (pictured) resigned on Thursday after the country's currency lira reached record lows compared to the dollar. Elvan was replaced by his deputy, Nureddin Nebati, an ally of President Recep Tayyip Erdogan.

On Wednesday, Erdogan insisted he will not support high interest rates. According to Turkish media, Nebati supports Erdogan's policy and has recently denounced "manipulative attacks" on the lira, assuring they "won’t leave lasting damage."

Baha Breaking the News (BBN) / DJ