Turkey’s finance minister, who is also President Recep Tayyip Erdogan's son-in-law, seems to be a fine specimen of a civil servant. Berat Albayrak announced his resignation on Instagram, citing health reasons. “I decided not to continue my duty as a minister after five years in office due to health problems,” Albayrak accounts for this decision. His sense of responsibility deserves high praise. Indeed, the official was at the helm of the finance ministry over a tough period in the Turkish economy. President Erdogan and at the same time his father-in-law has already confirmed his resignation. Besides, Turkey’s leader decided to dismiss central bank chief Murat Uysal. Instead, Naci Agbal, a former boss of the Strategy and Budget Department of the presidential administration, has been appointed Governor of the central bank. The President’s son-in-law is sure to remain memorable as a puppet of strongman Erdogan. Berat Albayrak is stepping down amid a slump of the national currency to historic lows. Analysts term the Turkish lira the weakest emerging market currency this year.
To be honest, the President is also to blame for a nosedive of the Turkish lira. Apart from political jitters and an economic downturn, the Turkish central bank is notorious for its obedience to the President. So, following his order, the regulator put the key interest rate on hold at a record low for a long time. In parallel, the central bank spends available gold and forex reserves to keep the lira weak. Such a policy forces foreign investors to sell off lira-denominated assets as well as the gains in the Turkish currency.
