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Erdogan Son-in-Law Quits as Economy Czar, Spurs Lira Rally

  • Berat Albayrak resigns a day after central bank chief fired
  • Erdogan’s anger with reserves policy said to be behind changes
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Turkey’s Finance Minister Quits
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Berat Albayrak, the son-in-law of Turkish President Recep Tayyip Erdogan, unexpectedly resigned as the country’s economy czar a day after the central bank governor was fired, igniting fresh political turmoil. The lira rallied as investors found relief in the upheaval.

Albayrak, 42, cited unspecified health reasons for his decision to step down as finance and treasury minister, according to a statement posted on his verified Instagram account on Sunday. The announcement came after Erdogan replaced central bank Governor Murat Uysal with former Finance Minister Naci Agbal, a critic of Albayrak’s economic management.