Elvan asked to be relieved of his duties, said the official gazette.

Turkish President Recep Tayyip Erdogan has appointed Nureddin Nebati as the new finance minister. Nebati was the deputy of Elvan, who had served as finance minister since November 2020.

Erdogan has several times indirectly criticized Elvan for opposing the lower interest rate policy. The Turkish president insists on low-interest rates despite the depreciating Turkish lira and rising inflation.

"No offense to our friends that we walked together in this struggle; I can't be together with those who defend high interest rates," Erdogan said on Nov. 17.

Earlier on Wednesday, the Turkish Central Bank intervened in foreign exchange markets after the lira plunged to a new record low against the U.S. dollar.

The lira fell just below 14 against the dollar after Erdogan said that he hopes interest rates would continue to fall until Turkey's next election in 2023.

The Turkish president said Wednesday that the volatility was temporary and was a result of economic policy.

The Turkish lira has lost more than 40 percent of its value this year against the dollar, while annual inflation hit almost 20 percent in October. — Agencies