Turkish President Recep Tayyip Erdoğan on Monday accepted the resignation of Berat Albayrak, former minister of treasury and finance and his son-in-law.
“As is known to the public, our treasury and finance minister on Sunday, November 8, 2020, released a statement on one of his social media accounts in which he asked to be relieved of duty, citing health issues,” the statement, released by the Communications Directorate, said.
“After consideration by the president, the request of Treasury and Finance Minister Berat Albayrak has been approved.”
Albayrak resigned as the country’s finance minister in a statement on his verified Instagram account on Sunday.
The unexpected resignation of Albayrak came shortly after Erdoğan dismissed the head of Turkey’s central bank, Murat Uysal, and replaced him with former finance minister Naci Ağbal as the Turkish lira hit record lows over the last few weeks.
“I have decided that I can no longer continue to carry out the tasks of minister as I have for the past five years due to health reasons,” Albayrak, 42, who has been serving as Turkey’s treasury and finance minister since July 2018, said in his resignation statement
He said he would spend more time with his family.
Albayrak served as the country’s energy minister between 2015 and 2018.
Albayrak has frequently been blamed for the deterioration of the Turkish economy as the Turkish lira’s decline in value, nearly 30 percent so far this year, has led to higher inflation via imports priced in hard currencies.
Prices have also remained elevated due to an increase in borrowing and rising food prices, leading the country’s central bank to raise its year-end inflation forecast last week to 12.1 percent from 8.9 percent.