Published: Tue, July 10, 2018
Business | By Kate Woods

Turkey's New Era: Turkish President Erdogan takes oath of office

Governance activist Macdonald Chipenzi has questioned President Edgar Lungu priorities after the Head of State travelled d to Turkey to attend the inauguration of that country's re-elected leader Recep Tayyip Erdo?an.

The lira TRYTOM=D3, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 percent to 4.74 to the USA currency after the cabinet announcement.

The decree also included the names of the newly appointed deputy president and ministers following President Erdoğan's announcement of the new Cabinet.

Erdogan, who has already transformed Turkey in 15 years of rule, took his oath of office in parliament under the new presidential system denounced by opponents as a one-man regime.

"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", Erdogan said in an address late on Monday.

Additionally, Turkish armed forces chief of staff General Hulusi Akar will be in charge of the defense ministry.

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The post of prime minister will be scrapped.

"There was the sense in the market that there is the principle of the reality, which means the central bank will be allowed to hike interest rates when necessary", said Sebastien Barbe, head of emerging market research and strategy at Credit Agricole.

"Erdogan, 64, says the new, powerful executive presidency is vital to drive economic growth, ensure security after a failed 2016 military coup and safeguard Turkey from conflict across its southern border in Syria and Iraq".

Venezuelan President Nicolas Maduro, Hungarian Prime Minister Viktor Orban and former Italian Prime Minister Silvio Berlusconi were due to attend the ceremony.

Erdogan referred to the principles of Mustafa Kemal Ataturk, the founder of the modern Turkish Republic.

Describing the monumental change as a "new beginning", he vowed at a later ceremony at his vast Ankara presidential palace to be the president of all 81 million Turks.

Those changes concentrate more power in the hands of the president. "In other words, Turkey will be an institutionalized autocracy", former EU Ambassador to Turkey Marc Pierini said.

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No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests. North Atlantic Treaty Organisation member Turkey's relations with its Western allies have been strained by disputes with the United States over military strategy in Syria and by European Union criticism of Ankara's large-scale purges of state institutions, armed forces, police and media following the failed coup. Erdogan is expected to announce his Cabinet on Monday evening.

But the pro-government daily Yeni Safak wrote under the headline "historic day": "One page is closing in Turkish history and a new page is opening".

Erdogan won an absolute majority in the presidential election with 52.5 percent of the vote, according to Turkey's Supreme Election Council (YSK).

The lira, which is down just under 20 percent so far this year, had gained earlier in the day.

"When you scrap the five-year term you remove this shield", he said.

"We are now adopting a model that is way beyond our 150-year-old pursuit of democracy and our 95-year-long experience of a republic", Erdogan said.

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