Erdogan replaces finance minister as Turkey's lira crashes

Turkish President Recep Tayyip Erdogan has appointed a new treasury and finance minister after the previous one stepped down as the country's currency has tumbled to record lows

ANKARA, Turkey -- Turkish President Recep Tayyip Erdogan appointed a new treasury and finance minister Thursday after the previous one stepped down as the country's currency has tumbled to record lows.

Erdogan named deputy minister Nureddin Nebati to the post, according to an announcement published in the Official Gazette. It said Lutfi Elvan asked to be “pardoned from the job” and that his request was accepted.

His resignation comes as the Turkish lira has been plummeting to successive all-time lows over concerns about the government's economic policy. The lira's plunge follows a series of cuts in borrowing costs despite soaring consumer prices that have made it difficult for people to buy food and other products.

The Turkish currency has lost about 40% of its value since the start of the year.