Turkey appoints Lutfi Elvan as new finance minister in place of Albayrak

58-year-old Elvan served as transportation minister from 2013-2015 and development minister from 2016-2018

Turkey appointed Lutfi Elvan as the country’s new treasury and finance minister early Tuesday as former finance minister Berat Albayrak resigns, according to a presidential decree published in the Official Gazette.

The move comes after Finance Minister Berat Albayrak resigned late Sunday and Turkish President Recep Tayyip Erdogan officially accepted his resignation on Monday.

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

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

Elvan has a bachelor’s degree in mining from the Istanbul Technical University Faculty of Mines, a master’s degree in mining operations and research from Leeds University in the UK and a second master’s degree in economics from US-based Delaware University.

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