Turkey's Erdogan replaces finance minister amid economic turmoil
Elvan had only been in the role since November 2020, when he was appointed after the resignation of Erdogan's son-in-law Berat Albayrak.
But Elvan's year-long tenure has been marked by numerous crises.
Earlier Wednesday, the Turkish Central Bank intervened in markets to prop up the nosediving lira, which has lost nearly 30 percent in value against the dollar in just a month.
It did so despite inflation approaching 20 percent -- four times the government's target.
Erdogan believes that high interest rates cause high inflation -- the exact opposite of conventional economic thinking -- and has stridently maintained he would keep rates low.
Since 2019, he has sacked three central bank governors who opposed his desire for lower interest rates.
The lira has lost more than 40 percent of its value against the dollar since the start of the year.