Deputy Finance Minister Nureddin Nebati has replaced Treasury and Finance Minister Lutfi Elvan after his resignation from the post, TurkicWorld reports citing Daily Sabah.

Elvan has been serving as the country's finance minister since November 2020.

A strong supporter of President Recep Tayyip Erdogan's low interest rate policy, Nebati recently stressed that “manipulative attacks” on the Turkish lira won’t leave lasting damage.

Amid high volatility, the lira hit a record low against the United States dollar in November. Erdogan has defended the Central Bank of the Republic of Turkey's (CBRT) move to slash the benchmark policy rate.

Nebati graduated from the Political Science Department of Istanbul University and completed his post-graduate studies in international relations at the same university. He completed his PhD on Public Administration at Kocaeli University.

He served as a ruling Justice and Development Party (AK Party) lawmaker from Istanbul in the 24th term and from Sanlıurfa in the 25th term of Parliament.