Erdogan’s son-in-law leaves sovereign wealth fund

Erdogan’s son-in-law leaves sovereign wealth fund

Erdogan's son-in-law leaves sovereign wealth fund

Erdogan's son-in-law leaves sovereign wealth fund

President Recep Tayyip Erdogan's son-in-law quit as the deputy head of Turkey's huge sovereign wealth fund on Friday. (File/AP)

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Erdogan's son-in-law leaves sovereign wealth fund

The 42-year-old quit as finance minister in a cryptic November 8 message on Instagram

His resignation was ignored by state media until it was formally accepted by Erdogan the next night

Updated 27 November 2020

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ANKARA: President Recep Tayyip Erdogan's son-in-law quit as the deputy head of Turkey's huge sovereign wealth fund, completing a fall from grace that began with his surprise resignation as finance minister.

Berat Albayrak had been viewed as Turkey's second most powerful figure until his chaotic departure from the government at the start of the month.

Married to the Turkish leader's elder daughter, the 42-year-old quit as finance minister in a cryptic November 8 message on Instagram that cited health reasons.

His resignation from the helm of the Turkish economy was ignored by state media for more than 24 hours, until it was formally accepted by Erdogan the next night.

Albayrak's two-year tenure as economy chief saw the lira lose 40 percent of its value against the dollar and the central bank burn though most of its reserves