After president Erdoğan’s son-in-law resigned as Turkish finance minister, an optimistic atmosphere emerged in financial markets. However, the financial crisis will only get worse with the depreciation of the Turkish lira, analysts say.

Berat Albayrak was appointed Minister of Finance and Treasury in July 2018, having previously been Turkey’s energy minister for nearly three years.

During his work as finance minister, Turkey’s economy was hit by two bad slumps: double-digit inflation and high unemployment rate.

The lira has lost around 45% against the US dollar since his appointment and is the worst performer in emerging markets this year.