> That sentence from Turkey's President sent the country's lira tumbling. Tayyip Erdogan putting his son-in-law in charge of the economy hours after being sworn in with wweeping new powers. Turkey has officially moved to an executive presidency, something Erdogan had long campaigned for. He's now promising a greater overhaul of a country he's dominated for 15 years.
Berat Albayrak is a controversial pick for treasury and finance minister. The absence of familiar market friendly ministers from the cabinet caused the lira to slide some 3% before recovering the bulk of its overnight losses Tuesday. The economy is Erdogan's most pressing issue. Turkey's currency has lost nearly a fifth of its value against the dollar this year.
Investors were already worried about Erdogan's drive for greater control over monetary policy and giving the Finance Ministry to a relative won't help. One of Erdogan's first decrees after being sworn in was switching the decision to him when it comes to appointing the central bank governor and monetary policy committee members, a decision previously in the hands of the cabinet.