Erdogan and his brother-in-law dominate various positions ,Economy is deteriorating

Turkish President Recep Tayyip Erdoğan continues to consolidate his family's influence in the Turkish state, where he and his brother-in-law have held a number of positions Political and Military positions are now taking hold of economic positions despite the deterioration of the Turkish lira due to Erdogan's losing policies.

12 September, 2018 07:47

NEWS DESK

Turkish President Recep Tayyip Erdogan has set himself up as head of the country's sovereign wealth fund, while his brother-in-law, Finance Minister Berta Albirek, became deputy chairman of the fund, according to decisions published in the official gazette ,on Wednesday.

According to presidential decisions, Zafer Sunmiz was appointed as the fund's general manager.

On the other hand, Fitch Ratings downgraded the rating of four Turkish banks against the background of the increasing risks of the Turkish economy after the decline of the exchange rate of the Turkish lira recently.

The reduction included the banks of Anadolu Bank, Viba Bank, Shukr Bank and Audya Bank.

Fitch said its decision reflected "the growing risks surrounding banks' performance, asset quality, capital, liquidity and funding after market volatility in the final stage."

In August, Moody's cut its rating of 20 Turkish financial institutions against the backdrop of increased risk of "declining funding".

The lira has lost about 40 percent of its value since the beginning of the year, hitting a record low of 7.2 pounds per dollar in mid-August.

The falling lira has pushed up food and fuel costs and pushed inflation up to 18 percent, its highest level in 15 years.

(T/S)

ANHA