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Turkish Finance Minister Berat Albayrak has announced his resignation. For health reasons, he would no longer be able to serve in the cabinet after five years, the 42-year-old said on Instagram. Albayrak served as Secretary of the Treasury for two years, previously as Secretary of Energy for three years.
So far it is not clear if the resignation may be due to political reasons. President Recep Tayyip Erdogan, Albayrak’s father-in-law, surprisingly removed the head of the central bank, Murat Uysal, on Saturday and replaced him with former Finance Minister Naci Agbal.
The Turkish lira has depreciated dramatically in recent months. On Friday night, 8.52 lire was traded for one dollar. Since the beginning of the year, the currency has lost nearly 30 percent against the US dollar.
This development is driven by high inflation. The country’s foreign exchange reserves, heavily melted, have accelerated the decline. Furthermore, Turkey is experiencing a serious economic crisis.
