Middle East

Erdogan fires Turkish finance minister amid falling lira exchange rate

16:21, 02 December 2021
Erdogan fires Turkish finance minister amid falling lira exchange rate Photo: Xinhua

Turkish President Recep Tayyip Erdogan has decided to resign the country's Finance Minister Lutfi Elvan, Anadolu reports. Elvan will be reportedly replaced by Nureddin Nebati as head of the financial department.

Nebati, 57, has a bachelor’s degree in public administration and a master’s degree in social sciences from Istanbul University.

Earlier, Erdogan also decided to resign Murat Uisal as the head of the country's Central Bank.

In November, Turkey’s officially independent central bank lowered its key interest rate for the third time in less than two months. Meanwhile, inflation approached 20 percent – four times the government’s target.

Despite the new rate, the value of Turkey’s national currency lira dropped by 15%. The lira has been in a downward trend for a while as it has lost 45% of its value starting from the beginning of the year.

The economic turmoil triggered widespread discontent in the country. In late November, mass protests took place in the Turkish cities of Ankara and Istanbul after the collapse of the Turkish lira. 

The protestors urged the Turkish government and the ruling Justice and Development Party to resign. The members of the Confederation of Progressive Trade Unions of Turkey (DISK) also came out to rally amid worsening economic conditions in Izmir. They protested against the high cost of living, inflation, and low wages.