As the country's economy is still being negatively impacted by excessive inflation, Turkish President Erdoan has vowed a return to Orthodox economics. The country's newly chosen finance minister is the re-elected leader, who has long favoured liberal policies.

New Turkey's Finance Minister's challenges with high inflation, weakening currency

Turkey appointed former deputy prime minister Lutfi Elvan as its treasury and finance minister to replace President Tayyip Erdogan's son-in-law Berat Albayrak, the country's Official Gazette said on Tuesday.

The move comes after Finance Minister Berat Albayrak resigned late Sunday and Turkish President Recep Tayyip Erdogan officially accepted his resignation on Monday.

Albayrak said in a surprise statement on Sunday that he was resigning for health reasons, a day after Erdogan appointed former finance minister Naci Agbal as the central bank chief.

The lira surged 6% against the dollar on Monday after the weekend upheaval on analysts' expectations for an interest rate hike that could ease pressure on the currency.

The currency, which had tumbled 30% this year to a series of record lows, weakened 1.6% on Tuesday to 8.1800 from a close of 8.0520 on Monday.

Elvan, from Erdogan's ruling AK Party, was development minister between 2016 and 2018 and before that served as a deputy prime minister.

On Monday, newly-installed governor Naci Agbal said the central bank would "decisively" use all policy tools to achieve its main goal of price stability.

Turkish inflation has held near 12 per cent&nbsp;all year, well above a target of around 5 per cent.

Turkey appointed former deputy prime minister Lutfi Elvan as its treasury and finance minister to replace President Tayyip Erdogan's son-in-law Berat Albayrak, the country's Official Gazette said on Tuesday.

Turkey appointed former deputy prime minister Lutfi Elvan as its treasury and finance minister to replace President Tayyip Erdogan's son-in-law Berat Albayrak, the country's Official Gazette said on Tuesday. The move comes after Finance Minister Berat Albayrak resigned late Sunday and Turkish President Recep Tayyip Erdogan officially accepted his resignation on Monday. Albayrak said in a surprise statement on Sunday that he was resigning for health reasons, a day after Erdogan appointed former finance minister Naci Agbal as the central bank chief. The lira surged 6% against the dollar on Monday after the weekend upheaval on analysts' expectations for an interest rate hike that could ease pressure on the currency. The currency, which had tumbled 30% this year to a series of record lows, weakened 1.6% on Tuesday to 8.1800 from a close of 8.0520 on Monday. Elvan, from Erdogan's ruling AK Party, was development minister between 2016 and 2018 and before that served as a deputy prime minister. On Monday, newly-installed governor Naci Agbal said the central bank would "decisively" use all policy tools to achieve its main goal of price stability. Turkish inflation has held near 12 per cent all year, well above a target of around 5 per cent.

Turkey appoints former deputy Prime Minister Elvan as finance minister

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. &nbsp;

The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40.

In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns.

"After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account.

The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation.&nbsp;

It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year.

Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months.&nbsp;

Turkish media speculated that Albayrak opposed Agbal's appointment.&nbsp;

The central bank's new governor said the bank's primary objective was to achieve and maintain price stability.

The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19.

During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year.

In August, Albayrak drew ire when he downplayed the lira's sharp fall.&nbsp;

"Are you paid in dollars?" he asked in a live television interview.

"Do you have any business in dollars?" he demanded in comments that went viral on social media at the time.&nbsp;

The 42-year-old is married to Erdogan's elder daughter Esra with four children.&nbsp;

Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders.&nbsp;

Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post. 
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The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister.

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40. In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns. "After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account. The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation. It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year. Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months. Turkish media speculated that Albayrak opposed Agbal's appointment. The central bank's new governor said the bank's primary objective was to achieve and maintain price stability. The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19. During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year. In August, Albayrak drew ire when he downplayed the lira's sharp fall. "Are you paid in dollars?" he asked in a live television interview. "Do you have any business in dollars?" he demanded in comments that went viral on social media at the time. The 42-year-old is married to Erdogan's elder daughter Esra with four children. Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders. Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post.

Turkish lira rallies after Erdogan's son-in-law resigns