Lütfi Elvan appointed as new finance minister

Lütfi Elvan appointed as new finance minister

Lütfi Elvan appointed as new finance minister

Lütfi Elvan has been appointed Turkey’s new treasury and finance minister, according to a presidential decree published in the Official Gazette early on Nov. 10. 

The move comes after Finance Minister Berat Albayrak resigned late Nov. 8 and President Recep Tayyip Erdoğan officially accepted his resignation on Nov. 9.

“I have taken office as the treasury and finance minister at the discretion of our President Recep Tayyip Erdoğan. I extend my gratitude to our president who honored me by appointing to this post,” Elvan said on Nov. 10 on Twitter.

He also thanked Albayrak for his service to the nation.

Turkey's economy management will focus on a market-friendly transformation program with micro reforms, while enhancing macroeconomic stability, Elvan also said. 

"Turkey will resolutely support fight against inflation and raise public finance quality by maintaining a fiscal discipline," he said in his first statement after sworn in at the parliament.

Turkey will give new impetus to growth and employment, while maintaining macroeconomic stability, Elvan stressed.

The country, in cooperation with all relevant parties, will take necessary steps to increase predictability in legislation and to improve the investment environment for both domestic and international entrepreneurs, he noted.

Elvan said domestic production capacity will be expanded through transforming production processes into an export-oriented, innovative structure with reduced import dependency.

The 58-year-old Elvan was transportation, maritime and infrastructure minister between 2013 and 2015 and development minister between 2016 and 2018.

He has been serving as chairman of parliament’s Planning and Budget Committee.

Elvan has a bachelor’s degree in mining engineering from the Istanbul Technical University Faculty of Mines, a master’s degree in mining operations and research from Leeds University in the U.K. and a second master’s degree in economics from Delaware University in the U.S.

He also held different positions at international institutions such as the OECD and EU.

“As it is known, Berat Albayrak issued a statement on Sunday evening via one of his social media accounts asking for his exempt from the post citing his health,” the Presidential Communications Directorate said in a statement released on Nov. 9.

“Upon an assessment by our president, the request by Treasury and Finance Minister Berat Albayrak of his exempt from the post was approved,” it stated.

In a period when even developed countries are experiencing serious economic difficulties due to the pandemic in addition to regional and political crises, Turkey has proceeded on its way with the least damage possible in this critical period with the efforts of Albayrak, it added.

“The achievements of our minister have been appreciated by the Turkish president,” the statement noted.

The appointment of Elvan as the new finance minister came shortly after former Finance Minister Naci Ağbal replaced Murat Uysal as Central Bank governor over the weekend.

Before his appointment to the post, Ağbal served as the head of the Strategy and Budget Presidency.

Ağbal headed the Finance Ministry from 2015 to 2018 and left his post to Albayrak.

The new Central Bank chief stressed decisive use of all policy tools in pursuit of price stability objective in a statement released on Nov. 9.

The monetary policy communication will be strengthened within the framework of transparency, accountability and predictability principles, Ağbal furthered.

Recalling that achieving and maintaining price stability is the primary objective of the Central Bank, Ağbal said: “Until the Monetary Policy Committee Meeting to be held on Nov. 19, the current situation and expectations will be reviewed, developments will be closely monitored, and necessary policy decisions will be made with the available data and final evaluations.”