Turkey's Finance Minister Berat Albayrak resigns

Resignation came a day after President Recep Tayyip Erdogan replaced the central bank governor

Berat Albayrak, Turkey's Finance and Treasury Minister, son-in-law of President Recep Tayyip Erdogan, speaks about a " new economic model " in Istanbul, Friday, Aug. 10, 2018. Turkey was hit by a financial shockwave Friday as its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. The lira hit a record low of 6.81 per dollar on Friday, before recovering to 6.51, tumbling more than 10 percent on the day. (AP Photo/Mucahit Yapici)
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Turkish Finance Minister Berat Albayrak said on Sunday he was stepping down for health reasons.

An official at Turkey's finance ministry confirmed the news, after which the lira currency firmed more than 1 per cent in early Asian trade.

"I have decided that I cannot continue as a minister, which I have been carrying out for nearly five years, due to health problems," the statement said.

Mr Albayrak, Turkish President Recep Tayyip Erdogan's son-in-law, became finance minister two years ago after serving in another ministry.

His resignation came a day after Mr Erdogan replaced the central bank governor amid a slump in the Turkish lira.

In late October Mr Albayrak said Turkey's economy was at a turning point, with a new investment flow on the horizon.

He said the new economic model proved itself with exports data through a sufficient competitive exchange rate, increased domestic production and investments, and job creation.