Turkish finance minister quits after president fires governor

Naci Ağbal

"After serving in ministerial posts for almost five years, I took the decision not to continue my duty (as finance minister) due to health issues", he said in a statement on his official Instagram account.

Erdogan's briefing with the new governor and one of his trusted former economy officials came hours after the president's son-in-law Berat Albayrak said he was stepping down as the treasury and finance minister.

His decision has not yet been confirmed or accepted by the Turkish president.

The Turkish lira has gained value as the new central bank governor assumed the charge.

Turkey's lira staged its biggest rally in more than two years on Monday, soaring almost 6 per cent after the surprise departure over the weekend of both the finance minister and the central bank governor, whose replacement said he would zero in on inflation.

Albayrak, 42, has been in the post since 2018 after serving three years as Erdogan's energy minister.

After Turkish Interior Minister Suleyman Soylu resigned in April, Erdoğan rejected the resignation.

Albayrak, who is also married to President Recep Tayyip Erdogan's eldest daughter, announced his resignation in an Instagram post last night.

The 58-year-old held several posts under the ruling AKP government, including deputy prime minister and development minister.

But Erdogan's ruling AKP party parliamentary deputy group chairman Mehmet Mus tweeted his support to Albayrak who was finance minister "during a very hard period".

Uysal took on the role after a dispute between Erdogan and the previous governor, Murat Cetinkaya, over cutting interest rates.

The lira strengthened as far as 8.08 against the dollar from a close of 8.5445 on Friday.

He added that the bank's current approach would be reviewed ahead of the next monetary policy committee meeting on November 19.

Agbal stressed the "decisive use of all policy tools in pursuit of price stability objective", in a statement on Monday.

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