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Turkey: Erdoğan replaces finance minister amid currency crisis

Homajon

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Erdoğan replaces finance minister amid currency crisis

L%c3%bctf%c3%bc


The president had implicitly criticized Lütfi Elvan for opposing his lower interest rate policy, which led the Turkish lira to lose 29 percent in value in a month.

İstanbul - BİA Haber Merkezi
02 December 2021, Thursday 01:25

Elvan's tenure as the finance minster lasted less than 13 months. (Photo: AA/File)


Minister of Finance and Treasury Lütfi Elvan has resigned from his post and has been replaced with his deputy, Nureddin Nebati, according to a presidential decision published in the Official Gazette today (December 2).

Recently, President Recep Tayyip Erdoğan has implicitly criticized Elvan, who reportedly opposed his lower interest rate policy, which led to a plunge in the lira.

In a speech on November 17, the president said, "No offense to our friends whom we walked together in this struggle; I can't be together with those who defend interest rates," in remarks targeting Elvan.

209

Elvan replaced Berat Albayrak, the son-in-law of the president, as the finance minister last November. His appointment was perceived as a return to conventional economic policies.

This didn't last long as the Central Bank stopped interest rate hikes after March and had kept the rates constant until September.

As the Central Bank cut the policy rates for three months in a row starting from September, the Turkish lira has lost 40 percent in value since September and lost 29 percent in value in November alone.

Erdoğan says Turkey will never return to "high interest rate-low foreign exchange rate" and continue to cut interest rates in what he calls an "economic independence war."

In one of his rare public appearances after his resignation, Albayrak met Nebati in August, daily Milli Gazete had revealed. (VK)


What a freak show! :omghaha::omghaha:
 

SuvarnaTeja

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Erdoğan replaces finance minister amid currency crisis

L%c3%bctf%c3%bc


The president had implicitly criticized Lütfi Elvan for opposing his lower interest rate policy, which led the Turkish lira to lose 29 percent in value in a month.

İstanbul - BİA Haber Merkezi
02 December 2021, Thursday 01:25

Elvan's tenure as the finance minster lasted less than 13 months. (Photo: AA/File)


Minister of Finance and Treasury Lütfi Elvan has resigned from his post and has been replaced with his deputy, Nureddin Nebati, according to a presidential decision published in the Official Gazette today (December 2).

Recently, President Recep Tayyip Erdoğan has implicitly criticized Elvan, who reportedly opposed his lower interest rate policy, which led to a plunge in the lira.

In a speech on November 17, the president said, "No offense to our friends whom we walked together in this struggle; I can't be together with those who defend interest rates," in remarks targeting Elvan.

209

Elvan replaced Berat Albayrak, the son-in-law of the president, as the finance minister last November. His appointment was perceived as a return to conventional economic policies.

This didn't last long as the Central Bank stopped interest rate hikes after March and had kept the rates constant until September.

As the Central Bank cut the policy rates for three months in a row starting from September, the Turkish lira has lost 40 percent in value since September and lost 29 percent in value in November alone.

Erdoğan says Turkey will never return to "high interest rate-low foreign exchange rate" and continue to cut interest rates in what he calls an "economic independence war."

In one of his rare public appearances after his resignation, Albayrak met Nebati in August, daily Milli Gazete had revealed. (VK)


What a freak show! :omghaha::omghaha:


Shows that Erdoğan believes in performance. Either you perform or perish.
 
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Bretton Woods is obsolete... most third world countries are at severe disadvantage(for lack of a better word) when they do not export in a certain denomination and must import crude in a very certain denomination.
It is imperative that states and people on the receiving end, the oblivious underwriters, must change course.
About time...
Turkiye and Pakistan are more or less in the same boat, except, they're trying to devise either a course within the allotted breathing space or totally diverging ways altogether. Come off the high horses and collaborate for once...

That may be the only course, anyways...

However, it is highly likely that it all may turn out as mere rearranging the furniture on a sinking titanic.
 

cloud4000

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When will people realize that Erdogan is an incompetent leader? He is economically inept, diplomatically uncouth, and a megalomaniac. The sooner Turkey gets rid of him, the better off Turkey will be.
 

SaadH

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When will people realize that Erdogan is an incompetent leader? He is economically inept, diplomatically uncouth, and a megalomaniac. The sooner Turkey gets rid of him, the better off Turkey will be.

Did you check Turkey's economic growth under Erdogan before hand?
 

beijingwalker

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When will people realize that Erdogan is an incompetent leader? He is economically inept, diplomatically uncouth, and a megalomaniac. The sooner Turkey gets rid of him, the better off Turkey will be.
Still better than Modi, how did the cash ban go?
 

denel

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Dont need to support Erdogan, AKP will be thriving if Erdogan is replaced since 2013
Correct... AKP had excellent leaders but this meglomanic continued to throw out the best of people.

His biggest issue is massive narcassitic ego. If only he let others continue the great foundation of work AKP has done.
 

TNT

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It cannot be all due to just decreasing interest rates. Turkey seems to be targeted economically by west. Turkey is growing independent and becoming assertive and the west does not like that. We all know who controls most of the wealth and the international financial system.
Erdogan if survive the next election, Turkey might become a totally independent power. This was bound to happen when Turkey chose to grow independent, lets see if Turkish people can bare the cost.
 

dBSPL

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Many of you are unaware of Turkey's deep state and its dynamics. the reason for the transformation/formation in Turkey's security, bureaucracy, the outer circle and Blue homeland doctrines, and almost all of the military, economic and other geostrategic issues that determine the country's direction; all are the results why the AKP cadres (of which a significant part of them were FETOists) who have been incapable of doing shit for years and always put the country in a more difficult situation, were pushed back from strategic places. It is about the national elements taking over the helm.

If Erdogan had returned to those former AKP cadres, there probably would not have been the international counter-campaign currently underway. The main factor causing the demonization of Erdogan: The cadres, who were imprisoned in 2011-2013 with fake lawsuits, or those who strongly oppose the wrongs that Erdogan was dragged into at that time or, who wanted to be removed from the country's governing mechanisms now began to shape the policies of the country.

Erdogan is just a figure and of course he is not innocent, still offers inspiration from his old habits from time to time. But mostly, not because of what they did after 2016; For what they did and didn't do between 2002-2013. He was a figure that globalists often tried to make cute when he was still under control. But in 2016, the rope broke; nowadays, the style of pointing fingers at Turkey is made by starting sentences with Erdogan. People who don't know anything about Turkey's political history and dynamics think that they are Turkey experts after reading two global newspaper articles here.

AKP had excellent leaders but

/facepalm
 

denel

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Many of you are unaware of Turkey's deep state and its dynamics. the reason for the transformation/formation in Turkey's security, bureaucracy, the outer circle and Blue homeland doctrines, and almost all of the military, economic and other geostrategic issues that determine the country's direction; all are the results why the AKP cadres (of which a significant part of them were FETOists) who have been incapable of doing shit for years and always put the country in a more difficult situation, were pushed back from strategic places. It is about the national elements taking over the helm.

If Erdogan had returned to those former AKP cadres, there probably would not have been the international counter-campaign currently underway. The main factor causing the demonization of Erdogan: The cadres, who were imprisoned in 2011-2013 with fake lawsuits, or those who strongly oppose the wrongs that Erdogan was dragged into at that time or, who wanted to be removed from the country's governing mechanisms now began to shape the policies of the country.

Erdogan is just a figure and of course he is not innocent, still offers inspiration from his old habits from time to time. But mostly, not because of what they did after 2016; For what they did and didn't do between 2002-2013. He was a figure that globalists often tried to make cute when he was still under control. But in 2016, the rope broke; nowadays, the style of pointing fingers at Turkey is made by starting sentences with Erdogan. People who don't know anything about Turkey's political history and dynamics think that they are Turkey experts after reading two global newspaper articles here.



/facepalm
Abdullah was a good leader; so were many ministers but this meglomaniac ruined everything.

Under AKP, Turkey has come a long long way. I give them credit but not to Erdogan.
 

Zibago

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Bretton Woods is obsolete... most third world countries are at severe disadvantage(for lack of a better word) when they do not export in a certain denomination and must import crude in a very certain denomination.
It is imperative that states and people on the receiving end, the oblivious underwriters, must change course.
About time...
Turkiye and Pakistan are more or less in the same boat, except, they're trying to devise either a course within the allotted breathing space or totally diverging ways altogether. Come off the high horses and collaborate for once...

That may be the only course, anyways...

However, it is highly likely that it all may turn out as mere rearranging the furniture on a sinking titanic.
In Pakistan we are atleast raising interest rates which is the right policy but Turkey is reluctant in doing that

This is really bad
It cannot be all due to just decreasing interest rates. Turkey seems to be targeted economically by west. Turkey is growing independent and becoming assertive and the west does not like that. We all know who controls most of the wealth and the international financial system.
Erdogan if survive the next election, Turkey might become a totally independent power. This was bound to happen when Turkey chose to grow independent, lets see if Turkish people can bare the cost.
When your currency starts falling you dont slash interest rates
It discourages savings and puts even more pressure on your currency
 

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