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Turkey appoints former deputy PM Elvan as finance minister

Turkey appointed former deputy prime minister Lutfi Elvan as its treasury and finance minister to replace President Tayyip Erdogan’s son-in-law Berat Albayrak, the country’s Official Gazette said on Tuesday.

Albayrak said in a surprise statement on Sunday that he was resigning for health reasons, a day after Erdogan appointed former finance minister Naci Agbal as the central bank chief.

The lira <TRYTOM=D3> surged 6% against the dollar on Monday after the weekend upheaval on analysts’ expectations for an interest rate hike that could ease pressure on the currency.

The currency, which had tumbled 30% this year to a series of record lows, weakened 1.6% on Tuesday to 8.1800 from a close of 8.0520 on Monday.

Elvan, from Erdogan’s ruling AK Party, was a development minister between 2016 and 2018 and before that served as a deputy prime minister.

On Monday, newly-installed governor Naci Agbal said the central bank would “decisively” use all policy tools to achieve its main goal of price stability.

Turkish inflation has held near 12% all year, well above a target of around 5%.

Reuters

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