Turkey's Erdogan appoints son-in-law as finance minister

12 July, 2018, 14:15 | Author: Regina Silva
  • Turkey's Erdogan appoints son-in-law as finance minister

Tayyip Erdogan was sworn in again as Turkey's president on Monday, assuming sweeping powers he won in a referendum previous year and sealed in a hard-fought re-election victory two weeks ago.

The Turkish lira lost 3.5 percent in value on the news to trade at 4.73 lira to the dollar.

Recep Tayyip Erdogan gained 52.59 percent of the votes in the presidential election, according to the YSK.

"With the power granted to us by the new presidential system, we will be getting quicker and stronger results", he said as new members of parliament began to take their oath of office. For some, it is the coronation of a new Turkey. "Turkey is leaving behind a system which cost the country politically, socially and economically".

King Mohammed VI also expressed his determination to continue to work with the Turkish President with the aim of reinforcing the bonds and boosting them to the level of the aspirations of the peoples of the two countries.

Foreign Minister Mevlut Cavusoglu, Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul have retained their portfolios in the new cabinet.

As Turkey's first executive president, Erdogan now can rule by decrees, outline the state budget and announce a state of emergency.

Prime Minister Binali Yildirim said emergency rule wouldn't be extended after July 18, but that may be a technicality. The president will be able to select his own cabinet, regulate ministries and remove civil servants, all without parliamentary approval.

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After the swearing-in ceremony, Mr Erdogan visited the mausoleum of the founder of the Turkish Republic, Mustafa Kemal Ataturk before proceeding to the Presidential Complex to make his inaugural speech.

Erdogan has been in power for 15 years, first as prime minister, and then as president, from 2014. "In other words, Turkey will be an institutionalized autocracy".

"Turkey is entering a new era with the presidential oath ceremony on Monday", Erdogan told his ruling AK Party at the weekend.

With more than 900,000 active personnel, Turkey has the second largest force in North Atlantic Treaty Organisation after the United States which has nearly 1.5 million.

Erdogan will face immediate challenges posed by an imbalanced if fast-growing economy and foreign policy tensions between the West and Turkey, a North Atlantic Treaty Organisation member.

Turkey also faces a widening current account deficit making it reliant on weak foreign investment to plug the gap.

Turkey on Monday removed a law that stipulates a five-year term for the head of the central bank and scrapped a requirement that deputy governors have a decade of experience, deepening worries about the bank's independence under a new presidential system.

Erdogan, who won last month's election, was sworn in again on Monday.

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