The Turkish economy has been in a deep crisis for a long time. Now the finance minister is retiring, but for health reasons.
Istanbul (AP) – In the midst of a currency crisis, Turkish President Recep Tayyip Erdogan’s son-in-law resigned from his post as finance minister.
He was unable to continue for health reasons, Berat Albayrak (42) of the ruling conservative Islamic AKP party wrote in a statement on Instagram. Now he wants to spend time with his family. The statement is authentic, confirmed a spokesman for the German press agency’s finance ministry.
Erdogan added Albayrak to the cabinet as finance minister in July 2018, after Turkey switched from a parliamentary system to a presidential one. Albayrak was previously Minister of Energy. He has been married to Erdogan’s daughter Esra since 2004.
It was unclear whether Erdogan would accept Albayrak’s resignation. In April, the Turkish Interior Minister, Süleyman Soylu, announced his resignation: Erdogan did not accept it and Soylu remained in office.
The Turkish economy has been in crisis for a long time. In recent days, the Turkish lira has depreciated particularly rapidly and reached a record low in trading with the US dollar on Friday. For one dollar, sometimes 8,576 lire had to be paid, that is, about 49 percent more than the previous year. Recently, one euro cost almost 10.18 lire at times. This corresponds to an increase of around 60 percent in one year.
On Saturday night, Erdogan fired the head of the central bank, Murat Uysal, without giving any reason. His successor is Naci Agbal, who was Minister of Finance from 2015 to 2018.
Erdogan follows an unorthodox monetary policy. He often describes the key interest rate as the “mother of all evils” and urges it to be lowered. Turkey is waging an economic war against a “devil’s triangle” consisting of interest rates, exchange rates and inflation, Erdogan declared last weekend.