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A screenshot of Turkish finance and treasury minister's Instagram page.

Turkey's minister of finance and treasury, who is also President Erdoğan's son-in-law, announced in an Instagram post that he is stepping down from both roles to spend more time with his family.

Why it matters: Read that sentence again.

The big picture: Erdoğan also fired his handpicked central bank chief over the weekend amid a currency crisis that has seen inflation skyrocket and the value of the lira sink by 30% against the dollar so far this year.

  • The lira strengthened in response to news about the Cabinet reshuffling.

Background: Neither former Finance and Treasury Minister Berat Albayrak nor former central bank Governor Murat Uysal ever held serious credibility in the eyes of U.S. asset managers.

  • Albayrak presided over a closed-door meeting with investors at the 2019 IMF-World Bank meetings that multiple sources who attended told me was the worst they've ever had with a high-ranking government official. One even described the meeting as "an absolute shit show."
  • Uysal was seen as an extension of Erdoğan, and his replacement, former Finance Minister Naci Agbal, has no experience in monetary policy but is at least "regarded as a market-friendly technocrat," Brown Brothers Harriman global head of currency strategy Win Thin said in a note to clients.

Go deeper: Turkish lira's crash shows the value of central bank confidence

Go deeper

Dec 23, 2020 - World

Scoop: Azerbaijan seeks to mediate between Turkey and Israel

Aliyev (L) with Erdoğan in 2018. Photo: Adem Altan/AFP via Getty

Turkey and Israel both played key roles in Azerbaijan's recent victory over Armenia in Nagorno-Karabakh. Now, several weeks after the ceasefire, Azeri President Ilham Aliyev is trying to mend relations between his two allies, senior Israeli officials tell me.

The big picture: Drones and other weapons systems from both Turkey and Israel helped Azerbaijan gain military superiority over Armenia. But relations between Turkey and Israel have been frozen for most of the past decade.

Dave Lawler, author of World
1 hour ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.