Erdogan is not playing. After the central bank governor was fired, he fired his son-in-law. Turkish finance minister resigns! – News from sources

Turkish President Recep Tayyip Erdogan’s son-in-law, Berat Albayrak, resigned from his position as finance minister on Sunday, citing health problems, news reports.

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“I decided that due to health problems, I would not continue my duties as a minister, which I have had for about five years,” Albayrak noted on Instagram, stating that he will dedicate time to his family.

Berat Albayrak held the position of Minister of Energy and Natural Resources from 24 November 2015 to 10 July 2018 and from 10 July 2018 he was Minister of Finance.

Anbayrak, 42, has been married to Recep Tayyip Erdogan’s daughter Esra since July 2004. The two have four children, the last of whom was born in 2020.

Unofficially, the situation is slightly different. Erdogan’s son-in-law was reportedly ousted from the government by his father-in-law, distraught by the recent collapse of the Turkish lira. Before Berat Albayrak, the governor of the Turkish National Bank was fired.

The lira depreciated amid fears of the depletion of central bank foreign exchange reserves, negative real rates, monetary independence and the risk of Western sanctions on Turkey’s foreign and defense policies.

It is the second surprise of the weekend in the financial sector in Turkey, after the governor of the central bank was fired on Saturday.

The Albayrak resigned after the Turkish lira depreciated by 30% this year to an all-time low as the economy faces a recession from the coronavirus outbreak. Following the announcement of his resignation, the Turkish currency appreciated by 1.5% against the US dollar.

The president’s son-in-law was appointed energy minister in 2015 and took over finance after Erdogan’s re-election in 2018, with increased responsibilities as head of state. During the ministerial mandate, the Turkish economy suffered two declines, inflation of tens of percent and a high unemployment rate. The Turkish lira is currently less than half of its value two and a half years ago.