Ankara, Nov 10 (IANS): Turkish President Recep Tayyip Erdogan has appointed Lutfi Elvan as the country's new Minister of Treasury and Finance, after his son-in-law Berat Albayrak resigned from this post, according to an official gazette published on Tuesday.

Elvan, 58, served as the Transportation, Maritime and Infrastructure Minister between 2013-2015, Deputy Prime Minister from 2015-2016 and Development Minister between 2016 and 2018, reports Xinhua news agency.

Albayrak posted a personal letter on Instagram on Sunday, saying that he was stepping down for health reasons.

Erdogan accepted his resignation on Monday night, and an official statement said the President appreciated his "successes", as Turkey was able to "get less damage" in the wake of the Covi-19 crisis due to Albayrak's efforts.

His resignation came amid an economic crisis in Turkey with the lira tumbling 30 per cent in 2020.

Albayrak announced his resignation a day after the head of Turkey's central bank was replaced.