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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.
Newly appointed Treasury and Finance Minister Lutfi Elvan (L) speaks to media after attending a ceremony marking the 82th death anniversary of Mustafa Kemal Ataturk at the mausoleum in Ankara on November 10, 2020. - Turkey's lira surged to its biggest gain in two years on November 9, 2020, after President Recep Tayyip Erdogan's powerful son-in-law quit as finance minister following the abrupt appointment of a new central bank chief. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

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.

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