Currency unrest forced Erdogan to appoint a new economy minister

According to Fars News Agency, quoted by Reuters, Rajab Tayeb Erdogan, The President of Turkey introduced the new Minister of Economy and Treasury of the country and “Noureddine Nabati” replaced “Lotfi Alvan”.

The appointment, announced in the country’s official newspapers, follows a sharp fall in the value of the Turkish currency, in which the lira has lost 27 percent of its value in the past month alone.

Major disagreement Erdogan He was with the previous Minister of Economy about the interest rate. He attributed the increase in inflation in this country to the high interest rate, but the Minister of Economy did not believe so and asked Erdogan to reduce interest rates did not go.

Nabati, who has been named the current Minister of Economy and Treasury, is said to be a staunch supporter of interest rate cuts.

Nabati has previously served as Deputy Minister of Economy and has a degree in Economics, International Relations, Political Science and Public Administration.

The lira has lost 44% of its value against the dollar in the past year Erdogan Only in 2 years the past He changed the head of the central bank three times.

Economic analysts mismanagement Erdogan Is considered the cause of economic turmoil in this country and they say: mismanagement and political ambiguities caused inflation in this country to double digits شده And foreign reserves will be reduced to a minimum, while the Turkish lira will lose two-thirds of its value in four years, which is the worst situation among emerging economies.

While Erdogan has not studied economics at all, economic theories suggest that politicians and economic managers are dissatisfied with the situation.

Previously, the media showed scenes where people were burning their national currency in front of the cameras, which means that their money has become very worthless and useless.

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