Turkey’s newly appointed Finance Minister Berat Albayrak tries to soothe investor jitters
Today, Turkish treasury and finance minister Berat Albayrak will hold a conference call to reassure investors about the current state of the economy.
Mr Albayrak, the son-in-law of President Recep Tayyip Erdogan, officially assumed the ministry in July in an act many have decried as blatant nepotism. Mr Albayrak has little financial experience, apart from some time working for the Turkish textile, energy and construction firm Calik Holding.
To investors, Albayrak’s appointment created a significant degree of uncertainty in a country already plagued with political turbulence. The day he assumed office, the Turkish lira suffered its biggest one-day slide since the July 2016 coup attempt.
Mr Albayrak is a fervent supporter of his father-in-law’s political narrative that foreign powers are plotting to bring down Turkey, indeed many suspect President Erdogan plans to name Mr Albayrak as his successor.
While the minister has clarified many of his financial positions and the lira this week has risen some 5%, long-term questions are being raised about Mr Albayrak’s chances of succeeding Mr Erdogan without hitch, especially if Turkey’s present currency crisis escalates into a larger economic crisis. Take note of how father and son-in-law’s political relationship changes in light of Turkey facing down its economic challenges.
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