Erdogan’s son-in-law Berat Albayrak resigns as Turkish Minister Finance and Treasury, Lira strengthens against U.S. Dollar on the news

ANKARA — Berat Albayrak, son-in-law of Turkish President Recep Tayyip Erdogan, announced his resignation from his position as Minister of Finance and Treasury on Sunday evening. The Turkish Lira had strengthened by roughly 4.5% against the U.S. Dollar on the news.

Albayrak said via Instagram — his Twitter account already deleted — that after five years of work, he made the decision to resign, for reasons related to his health.

Albayrak, Erdogan’s son-in-law, previously served as Minister of Water Resources and Energy from 2015 until 2018. He has served as Minister of Finance and Treasury since 2018. It was speculated that Albayrak was being groomed by Erdogan to eventually take over as head of the ruling Justice and Development Party (AKP).

His tenure as Minister of Finance and Treasury has been fraught and coincided with the recent economic crisis in Turkey. Albayrak’s resignation comes a day after Erdogan replaced Central Bank Governor Murat Uysal with his deputy, as well as several other economic officials.