Turkey: Finance Minister Lutfi Elvan replaced

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Turkish Finance Minister Lutfi Elvan was replaced late Wednesday by Deputy Finance Minister Nuredin Nebati, who is taking over as minister, according to the duvaR website.

Rumors have surfaced earlier that Elvan may soon step down as Turkey’s finance minister because of his opposition to President Recep Tayyip Erdogan’s view on how to tackle inflation.

Officials in Erdogan’s Justice and Development Party (AKP) said the Turkish president was outraged by Elvan’s comments on interest rates.

Speaking to members of the ruling Justice and Development Party in parliament last month, Erdogan said he could not go along with those in favor of raising interest rates.

“Interest rates are the cause and inflation is the result. Our friends who are defending interest rates should not be offended, but I can not go along with those who are defending interest rates,” Erdogan said.

While all AKP lawmakers were seen on camera applauding Erdogan for his speech, Elvan was the only one who did not applaud the Turkish president.

The replacement of Lutfi Elvan was published in the government newspaper and follows the collapse of the pound by 27% in just one month.

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Source From: Capital

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