Currency Crisis Ravages Ankara Gov’t

Barely 24 hours after the firing of Turkey’s central bank governor, the country’s finance minister announced his resignation, citing health concerns and a desire to spend more time with his family. Berat Albayrak, who also happens to be married to President Recep Tayyip Erdoğan’s eldest daughter, served as finance minister since 2018, presiding over one of the roughest economic patches in Turkish history. As Ankara attempts to navigate a severe currency crisis amid a global pandemic, Erdoğan’s leadership has come into question in recent months, with the financial crisis leading many to call for change. Saturday’s decision to sack the central bank governor came after the Turkish lira lost 30% of its value against the United States dollar since the beginning of 2020. It remains to be seen whether Albayrak’s father in law will accept his resignation.