Erdogan replaces finance minister as Turkey’s lira crashes

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has appointed a new treasury and finance minister after the previous one stepped down as the country’s currency has tumbled to record lows. An announcement published in the Official Gazette on Thursday said Erdogan named deputy minister Nureddin Nebati to the post. The announcement said Lutfi Elvan asked to be “pardoned from the job” and that his request was accepted. His resignation comes as the Turkish lira has plummeted to successive all-time lows over concerns about the government’s economic policy following a series of cuts in borrowing costs despite soaring inflation. The Turkish currency has lost about 40% of its value since the start of the year.