Amid market tumult, Erdogan appoints new finance minister
Investors are watching for policy shifts as Turkey’s Former Deputy Prime Minister Lutfi Elvan takes the helm of the nation’s Finance Ministry following the surprise resignation of President Recep Tayyip Erdogan’s son-in-law Berat Albayrak.
ISTANBUL — Following a cascade of events that reshaped Turkey’s economy team, Former Deputy Prime Minister Lutfi Elvan was sworn in as the nation’s new treasury and finance minister Tuesday.
President Recep Tayyip Erdogan appointed Elvan Monday night, replacing his son-in-law Berat Albayrak, who held the position for more than two years. In surprise announcement shared via Instagram Sunday evening, Albayrak cited health concerns and requested permission to resign, granted by the Turkish presidency after an initial silence.
While assuming the position at Turkey’s parliament in Ankara Tuesday, Elvan said he would implement market-friendly changes and work to improve the nation’s investment environment following months of market turmoil that saw Turkey’s currency slide to record lows last week.
"We will decisively support the fight against inflation,” Elvan said in his first remarks as finance minister Tuesday. “We will increase the quality of public finance by maintaining fiscal discipline."
