Published: Wed, July 11, 2018
Worldwide | By Jermaine Blake

Turkey's new finance chief, Erdogan's son-in-law, vows to bring inflation down

Turkey's new finance chief, Erdogan's son-in-law, vows to bring inflation down

Investors are keen to see Mehmet Simsek, now deputy prime minister, continue at the helm of the economy.

Erdogan will this week immediately turn to foreign policy, visiting northern Cyprus and Azerbaijan, followed by more challenging encounters at a North Atlantic Treaty Organisation summit in Brussels where he will meet US President Donald Trump and other leaders.

The lira currency, which has been battered this year by concerns about President Tayyip Erdogan's drive for greater control over monetary policy, declined after the changes were published.

He has also pledged to end the state of emergency that has been in place since the failed July 2016 coup and has seen the biggest purge in the history of modern Turkey.

Mr Erdogan took oath of office to become the first Turkish President under the new presidential system of Government. Reuters adds: After taking the oath of office in parliament, he addressed worldwide leaders gathered at the presidential palace in Ankara.

His supporters see them as just reward for a leader who has put Islamist values at the core of public life, championed the pious working classes and built airports, hospitals and schools. He also promised to "leave behind a system that cost the country heavily because of the political, social and economic chaos it caused in the past", according to Hurriyet Daily News.

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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.

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. "In other words, Turkey will be an institutionalized autocracy".

In the aftermath of the 2016 coup, Turkey, a member of the North Atlantic Treaty Organisation military alliance and still nominally a candidate to join the European Union, has detained some 160,000 people, jailed journalists and shut down dozens of media outlets. Those times have already arrived, with the economic boom he's presided over threatening to turn into a bust, and a crackdown on dissent gaining new momentum. The lira, which gained more than 1 percent earlier on Monday to 4.51 against the dollar, briefly fell back sharply after a government decree removed a clause stipulating a five-year term for the central bank governor.

Scrapping the term would remove a shield that helps ensure the bank's independence from politicians, former central banker Ugur Gurses said.

"For the cabinet appointments in the past several years, the most important issue has been the presence of the current deputy prime minister, Mehmet Simsek", said Inan Demir, a senior economist at Nomura International.

After winning 52.9 percent of the vote in Turkey's presidential election two weeks ago, Erdogan was granted the ability to call additional elections, appoint judges without parliamentary approval, dissolve Parliament, and issue decrees that had previously been reserved for states of emergency.

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