Turkey's Erdogan names son-in-law finance minister in new cabinet

  • Turkish President Tayyip Erdogan named his son-in-law, Berat Albayrak, as Treasury and Finance minister in the new cabinet.
  • The lira currency dropped on the news, further pressured by deepening concerns about central bank independence.
Turkish President Recep Tayyip Erdogan (R) poses with Beraat Albayrak on May 29, 2018 in Istanbul. 
Ozan Kose | AFP | Getty Images
Turkish President Recep Tayyip Erdogan (R) poses with Beraat Albayrak on May 29, 2018 in Istanbul. 

Turkish President Tayyip Erdogan named his son-in-law as Treasury and Finance minister in the new cabinet on Monday, sending the lira currency lower and likely deepening concern about central bank independence.

In a ceremony in Ankara hours after he was sworn in to the new executive presidency he has long sought to establish, Erdogan named the ministers in his new cabinet, tapping his son-in-law, Berat Albayrak to take charge of the Treasury and Ministry of Finance.