The Turk­ish lira has been in free fall for months. Because of the dra­mat­ic finan­cial cri­sis, Pres­i­dent Erdo­gan dis­miss­es the head of the cen­tral bank. Just one day lat­er, the country’s finance min­is­ter also resigns. 42-year-old Berat Albayrak is the president’s son-in-law.

The son-in-law of Turk­ish Pres­i­dent Recep Tayyip Erdo­gan has sur­pris­ing­ly announced his res­ig­na­tion as finance min­is­ter. Because of health prob­lems and because he want­ed to spend more time with his “neglect­ed” fam­i­ly, he is step­ping down from his posi­tion, Berat Albayrak announced on his Insta­gram account. Albayrak’s res­ig­na­tion comes at a time when the Turk­ish lira is in the mid­dle of a slump. The lira has depre­ci­at­ed dra­mat­i­cal­ly in the past few months. On Fri­day evening, 8.52 Turk­ish lira were trad­ed for one dol­lar. Since the begin­ning of the year, the Turk­ish cur­ren­cy has lost almost 30 per­cent against the US dol­lar. In view of the cri­sis, the cen­tral bank chief Murat Uysal, who had only been in office since July 2019, was dis­missed on Sat­ur­day and replaced by the for­mer finance min­is­ter Naci Agbal. Mar­kets are con­cerned about per­sis­tent­ly high infla­tion and the sharp decline in for­eign exchange reserves. In addi­tion, Turkey is in an eco­nom­ic crisis.

At the age of 29, man­ag­ing direc­tor of a pow­er­ful company

Albayrak had mar­ried Esra Erdo­gan, the daugh­ter of the then Prime Min­is­ter, in July 2004. Albayrak has been a mem­ber of the Turk­ish par­lia­ment since 2015. From 2016 to 2018 he was Min­is­ter of Ener­gy and Nat­ur­al Resources and since July 2018 Min­is­ter of Finance of Turkey. In 2007, at the age of 29, Albayrak became CEO of Calik Hold­ing, one of Turkey’s largest cor­po­ra­tions. The com­pa­ny owns a wide range of media out­lets, includ­ing the influ­en­tial dai­ly Sabah and news chan­nel A Haber. The hold­ing com­pa­ny is also active in many oth­er busi­ness areas such as con­struc­tion, ener­gy, finance, tex­tiles and logis­tics. In 2016, the Wik­ileaks expo­sure plat­form pub­lished thou­sands of emails from Albayrak. These sug­gest­ed that Erdogan’s son-in-law may be impli­cat­ed in the ille­gal impor­ta­tion of Iraqi oil from the hands of the ter­ror­ist mili­tia Islam­ic State.

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