Turkey’s Erdogan replaces finance minister as lira crashes

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has appointed a new treasury and finance minister after Lutfi Elvan stepped down from the post as the currency has been tumbling to record lows. An announcement published in the Official Gazette early Thursday said that Erdogan named deputy minister Nureddin Nebati to the post. The announcement said Elvan asked to be “pardoned from the job” and that his request was accepted. His resignation comes as the Turkish lira has been plummeting 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.