In the early hours of Thursday morning, Turkish President Recep Tayyip Erdogan appointed Noureddin Nabati as Minister of Treasury and Finance after the resignation of Lutfi Alwan, due to the deterioration of the national currency and a sharp rise in inflation.
The appointment, announced by the Official Gazette, comes in the wake of the lira's slump and 27% fall last month alone.
The Turkish currency fell to historical levels due to Erdogan's interest rate cut policy.
Alan, a former deputy finance minister and a longtime member of the ruling Justice and Development Party (AKP), held the post of finance minister just over a year ago after replacing Berat Albayrak, Erdogan's son-in-law.
Nabati's biography published on the ministry's website indicates that he studied international relations, political science and public administration.
The Turkish currency concluded trading in the wake of Nabati’s appointment at 13.40 pounds against the dollar, after it fell yesterday to 13.87 against the US currency.
The lira has lost more than 44% of its value against the dollar this year.
Alwan's departure represents the latest change in the rapid replacement and replacement of major economic positions in Turkey, which included Erdogan's dismissal of 3 central bank governors in another two and a half years.
Erdogan had said - last Monday - that he would never support raising interest rates, and that he would "never back down from that", repeating his supportive stance on recent interest rate cuts that caused the value of the lira to plummet.
NTV quoted Erdogan as telling reporters during his return flight from a visit to Turkmenistan that the recent exchange rate fluctuations were not based on economic grounds, and that Ankara was ready to provide the necessary support to boost investments, specifically through state banks.