World News | Turkey's Battered Currency Rises After Finance Chief Resigns
Get latest articles and stories on World at LatestLY. The Turkish lira firmed against the dollar on Monday a day after the finance minister, who is also the son-in-law to President Recep Tayyip Erdogan, announced his resignation on social media.
Ankara, Nov 9 (AP) The Turkish lira firmed against the dollar on Monday a day after the finance minister, who is also the son-in-law to President Recep Tayyip Erdogan, announced his resignation on social media.
The lira was up by 2.6 per cent, trading at 8.29 against the dollar, even though it was not immediately clear whether Erdogan had accepted Berat Albayrak's resignation and whether a new finance minister would be appointed.
Albayrak, 42, announced on Instagram late on Sunday that he was stepping down from his post for health reasons and would spend more time with his family.
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His resignation followed the dismissal over the weekend of central bank chief Murat Uysal and his replacement by former Finance Minister Naci Agbal.
Albayrak, who has four children with Erdogan's daughter Esra, has presided over a rough period in the Turkish economy.
The country was recovering from a currency crisis in 2018 when the coronavirus pandemic hit and Albayrak's stewardship came under much criticism.
The lira currency has lost around 30 per cent of its value since the start of the year, hitting a record low of 8.58 against the dollar on Friday, while annual inflation has hit 11.89 per cent.(AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)