Berat Albayrak, the son-in-law of Turkish President Recep Tayyip Erdogan, stepped down as Turkey's finance minister on Sunday citing health reasons.

"After serving in ministerial posts for nearly five years, I took the decision not to continue my duty due to health issues," Albayrak said on Instagram. He also said he intends to spend more time with his family, whom he said he "neglected."

Before joining politics, Albayrak worked for Calik Holding company, becoming CEO in 2007. He entered the Turkish parliament in 2015 as a lawmaker for Erdogan's Justice and Development Party (AKP) and was then quickly named energy minister, before moving onto the post of the finance minister in 2018. Some analysts felt the 42-year-old was being groomed into becoming Erdogan's eventual successor.

He is married to Erdogan's eldest daughter Ersa and has four children.

Read more: Turkish central bank under pressure as fears of currency crisis loom

Whether his resignation was accepted remains unclear. Turkish Interior Minister Suleyman Soylu tried to step down earlier this year, but remains in the post after Erdogan rejected the resignation.

Albayrak's resignation comes a day after Erdogan dismissed the head of Turkey's central bank, Murat Uysal, and replaced him with former Finance Minister Naci Agbal.

The further upheaval is unlikely to help the dismal state of Turkey's economy. The lira, the nation's currency, hit a record low of 8.48 against the US dollar (10.12 to the euro) on Friday, and annual inflation stands at 11.89%.

Albayrak has often blamed Turkey's economic woes on foreign powers. 

dv/rc (AFP, AP)