Berat Albayrak announced on social media on 8 November that he was resigning as treasury and finance minister, citing health reasons. The presidency formally accepted the resignation the following day.

What happened

Albayrak, President Erdoğan’s son-in-law, had directed economic policy through a period of lira depreciation, high inflation, costly foreign-exchange interventions and pandemic disruption.

Why it mattered

His departure, immediately after the replacement of the central-bank governor, signalled a significant reshuffle of Turkey’s economic leadership. Markets initially welcomed the prospect of a policy reset.

Consequences

Former deputy prime minister Lütfi Elvan replaced Albayrak. The new team soon emphasized price stability and more orthodox monetary policy.

Sources

• Reuters
• Turkish Presidency