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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.

10 mins ago - World

Biden to warn Putin U.S. will add troops in Eastern Europe if Russia invades Ukraine

Putin meets Biden in Geneva. Photo: Peter Klaunzer - Pool/Keystone via Getty

President Biden will warn Russian President Vladimir Putin when they speak on Tuesday that if Russia invades Ukraine, the U.S. is prepared to increase its troop presence, capabilities and military exercises on NATO's "eastern flank," a senior administration official told reporters.

Why it matters: The administration believes it's increasingly likely that Putin will order an invasion.

42 mins ago - World

U.S. announces diplomatic boycott of Beijing Winter Olympics

An Olympic-themed sculpture in Beijing on Dec. 1. Photo: Hou Yu/China News Service via Getty Images

The U.S. announced Monday that it will not send officials to the 2022 Beijing Winter Olympics in protest of human rights abuses committed by the Chinese Communist Party.

Why it matters: The diplomatic boycott — which won't prevent American athletes from competing — marks a major escalation between the U.S. and China amid already heightened tensions over the CCP's treatment of Muslim minorities, military threats to Taiwan and economic tariffs.