JAKARTA - The Turkish currency, the lira, hit a record low. The head of the Central Bank, Murat Uysal is fired. Furthermore, President Recep Tayyip Erdogan's son-in-law, who served as Turkish Finance Minister Berat Albayrak, submitted his resignation for reasons of health.
On Friday, November 5, the lira hit a record low in trading. The lira has also lost about 45 percent in value against the US dollar since Albayrak was appointed. Turkey is also the worst performer in emerging markets this year.
Albayrak announced the decision via an Instagram post, Sunday, November 8. He said he was stepping down from the post of finance minister for health reasons and wanted to spend more time with his family.
Albayrak was appointed Minister of Finance and Treasury in July 2018. Previously he was Minister of Energy of Turkey for nearly three years.
Albayrak's resignation comes following the sacking of central bank chief Murat Uysal after a 30 percent drop in the Turkish lira. "I decided not to continue my duties as minister after five years in office due to health problems," Albayrak said on Instagram.
"I will spend time with my mother, father, wife, and children, whom I have neglected for years out of necessity and who have never given me their support."
His decision to resign has not been confirmed or accepted by Erdogan. Analysts say Erdogan is preparing Albayrak to be his successor.
In April, Home Minister Suleyman Soylu resigned via social media. The announcement was made to be canceled later because several hours later Erdogan said he did not accept the resignation.
Deputy Transport Minister Omer Fatih Sayan added on Twitter that he hoped Albayrak's resignation would be rejected. He added, "our country, our people and our community need you (Albayrak)."
Albayrak, who has four children by Erdogan's daughter Esra, has led the Ministry of Finance in Turkey's difficult economic times. Despite much criticism, he was Turkey's Finance Minister recovering from the currency crisis in 2018 until the coronavirus pandemic hit.
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