Turkish President Recep Tayyip Erdoğan has accepted the resignation of his son-in-law as Finance Minister – after more than 24 hours. A successor has already been determined.

Turkish President Recep Tayyip Erdoğan has accepted the resignation of his son-in-law as Minister of Finance. This was announced by Erdoğan’s office. Erdoğan paid tribute to Berat Albayrak’s services as Finance Minister, who led the country through crises such as the corona pandemic with “minimal damage,” he said.

Erdoğan appointed Lütfi Elvan late Monday night as the new finance minister. 58-year-old Elvan previously chaired the parliament’s planning and budget committee, state news agency Anadolu reported Monday evening. The AKP politician has held various government positions in the past, including as Deputy Prime Minister and Minister of Development.

Erdoğan did not initially accept resignation

The previous Finance Minister Berat Albayrak had surprisingly announced his resignation on Sunday. He gave health problems as the reason. Turkey is in the midst of a severe currency crisis, the Turkish lira is falling. Erdoğan had left it open for more than 24 hours if he would accept the resignation. Also, the fact that Albayrak’s dismissal was not initially discussed in the main media, most of which are closely related to the government, was also irritating.

The lira has fallen dramatically in recent months. On Friday evening, 8.52 Turkish lira was traded for one dollar. Since the beginning of the year, the Turkish currency has lost nearly 30 percent against the US dollar. The lira rose sharply on Monday after Albayrak announced his resignation.

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