Published: Thu, July 12, 2018
Business | By Kate Woods

Turkey's Erdogan sworn in with new powers, names son-in-law finance minister

Turkey's Erdogan sworn in with new powers, names son-in-law finance minister

The ceremony was attended by 22 heads of state, Prime Ministers and speakers of parliaments of 28 countries, as well as heads of six global organizations.

On Monday, he took the presidential oath of office to become Turkey's first president under its new system.

President Recep Tayyip Erdogan will attend his first major global summit since getting reelected on Wednesday when he attends the North Atlantic Treaty Organisation heads of state and government meeting in Brussels.

"Everything went well in the eyes of the people".

Speaking to journalists after the ceremony, Erdogan said: "Everything was good in front of the nation, I hope it will be better in the future".

Turkey's president Recep Tayyip Erdogan has named his son-in-law as the country's finance minister after being sworn in to another five-year term.

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Under the new system, the president forms government, appoints ministers, vice presidents and high-level bureaucrats.

"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". Newly appointed Defense Minister of Turkey Hulusi Akar, unlike previous defense ministers, has no political career and is exclusively a serviceman.

Following the approval of constitutional changes in an April 2017 referendum allowing the president to retain his/her party membership, that May Erdogan was restored as AK Party chairman by a vote at its third Extraordinary Congress.

Likewise, the departure of market-friendly ministers such as Mehmet Simsek, the well regarded former deputy prime minister, and Naci Agbal, previously the finance minister, has also undermined confidence.

He referred to the principles of Mustafa Kemal Ataturk, the founder of the modern Turkish Republic and vowed to "remain loyal to the rule of law, to the democratic and secular republic, and to Ataturk's principles and reforms".

"The pace at which he (Erdogan) is moving to tighten his grip is alarming and, in response, Turkish financial assets have come under pressure", said Jason Tuvey, senior emerging markets economist at Capital Economics, in a note to clients.

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Erdogan was comfortably re-elected last month with 52.6 percent of the vote.

Prime Minister Binali Yildirim said emergency rule wouldn't be extended after July 18, but that may be a technicality.

The lira, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 per cent to 4.74 to the US currency after the cabinet announcement.

Erdogan said on Saturday that he would tackle "the structural economic problems" of high interest rates and inflation and a wide current account deficit.

Under the new system, Erdogan will not only run the executive branch but also lead his Justice and Development Party in parliament where he is six short of a majority and therefore allied with a nationalist party.

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