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Erdogan appoints champion of low interest rates as new finance minister

Nureddin Nebati, who has fiercely defended the president’s low rate policies, has replaced Lutfi Elvan as Turkey's finance minister.
An undated image of new Turkish Finance Minister Nureddin Nebati.

As Turkey’s economic crisis deepened, President Recep Tayyip Erdogan replaced his treasury and finance minister, a skeptic of the president’s unorthodox economic policies, with Nureddin Nebati, a champion of his low-rates policy.

A businessman turned politician, Nebati is a former member of the Independent Industrialists and Businessmen Association, a group that has consistently backed Erdogan’s adamant stance against interest rate hikes. He has previously served as deputy chair of the Justice and Development Party (AKP) and headed financial and administrative affairs. A member of parliament since 2011, he was named deputy treasury and finance minister in 2018.

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