Turkey: Rumors of Erdogan’s unacceptable resignation of the Ministry of Foreign Affairs – the pound is falling

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A new unrest seems to be underway in the Turkish Ministry of Finance and Treasury, as broadcast by ERT1.

According to the opposition newspaper Cumhuriyet, incumbent Prime Minister Lutfu Elvan has submitted his resignation to President Erdogan for “the rapid rise of foreign currencies while depreciating the Turkish pound.”

Erdogan does not appear to have accepted the resignation of his minister at the moment, but rumors suggest that this could happen soon.

The name of the son-in-law of the Turkish president, Berak Albayrak, is heard again, who had resigned on November 8, 2020, citing health problems, and to this day has kept a low profile.

Lutfu Elvan, who is also a member of the ruling party, seems to have serious objections to the policy that the Turkish president wants to impose, especially on the issue of lowering interest rates. He also failed to remove Deputy Foreign Minister Nureddin Nebati, who has been in office since the Albayrak era and is rumored to be the one to make the decisions instead of the minister.

Meanwhile, rumors are circulating in international business circles that the Central Bank of Turkey may proceed with a further reduction of interest rates, which is expected to cause a new dip in the price of the Turkish pound, ERT1 reports.

The dollar strengthened further today against the pound, recording gains of 0.3% at 9.7192.

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Source From: Capital

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