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FinMin Elvan Replaced by Deputy FinMin Nebati After Disagreement With Erdogan on Rates Policy

TURKEY

LOCAL NEWS

  • FinMin Lutfi Elvan resigns overnight and is replaced by his deputy, Nureddin Nebati. This follows rumours of his eventual resignation that emerged a few weeks ago after his remarks about inflation and the current economic path allegedly angered Erdogan.
    • Erdogan then said “I cannot walk alongside those defending interest rates,” referring to Elvan. Elvan held the position for just over 12 months, while Nebati has been deputy Finmin since 2018
  • AKP spox announces Erdogan as the AKP’s 2023 candidate following a board meeting yesterday. “There is no doubt that out president is the presidential candidate in the upcoming elections” Meanwhile the opposition Nation Alliance has yet to choose a candidate – Ahval

Data

  • 1130GMT: Gross FX Reserves, $87.9bn prior
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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