Erdogan Replaces Finance Minister Amid Lira's Decline

The President of Turkey, Recep Tayyip Erdogan, has appointed a new finance minister amid the decline of the lira's exchange rate. According to TASS, citing Resmi Gazete, the Turkish leader has designated Nureddin Nebati, who previously served as deputy minister, for this position.

Since the beginning of the year, the Turkish currency has dropped by 70%, marking one of the largest declines in its value in recent years. In January, the exchange rate was approximately 7.3 lira per dollar. Last week, the lira fell below the threshold of 13 lira per dollar, achieving a record drop.

After the country's Central Bank announced an intervention, the lira's value started to stabilize at 12.7 lira per dollar.