ISTANBUL — Following a five-week rally that saw Turkey’s lira rise 7% against the dollar since the start of the year, the currency slid Monday, losing about 1% amid a political spat in which Turkish President Recep Tayyip Erdogan defended the record of his son-in-law and former Finance Minister Berat Albayrak.

The shakeup comes after Turkey’s main opposition Republican People’s Party (CHP) ran a social media campaign last week criticizing Albayrak for overseeing a steep drop in Turkish foreign exchange reserves over his two-year tenure, which ended abruptly with his resignation in November. The CHP claimed Albayrak, who has remained largely out of public sight since stepping down, spent nearly $130 billion in reserves to support the lira against an economic downturn sparked by the COVID-19 pandemic.

In response, Albayrak broke his four-month silence Saturday via a statement shared by his lawyer that threatened to sue the CHP and other critics for defamation to the tune of 500,000 liras ($71,150), saying the proceeds would go to the families of fallen soldiers. He also linked critics to terror organizations trying to undermine Turkish sovereignty.

“Transactions over the Central Bank’s reserves were carried out in accordance with existing regulations and in line with the goals of financial and price stability, in a manner befitting the balance of payments requirements,” Albayrak’s lawyer said in the statement.