Published: Thu, July 12, 2018
Money | By Ralph Mccoy

Erdogan to take oath as Turkey’s1st Executive President with vast powers

Erdogan to take oath as Turkey’s1st Executive President with vast powers

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Turkey's Tayyip Erdogan ushered in the new, executive presidential system he had long campaigned for by putting his son-in-law in charge of the economy and promising a greater overhaul of a country he has dominated for 15 years.

The lira on Tuesday gained back 0.5 percent against the dollar to trade at 4.7 to the greenback. Turkish President Recep Tayyip Erdogan announced the new cabinet members hours after he was sworn in late Monday.

Erdogan, who first came to power as premier in 2003, won 52.6 per cent of ballots cast in June, higher than the 51.79 per cent he garnered in the 2014 polls. PICTURE BY SALIM HENRY/STATE HOUSE ©2018PRESIDENT Edgar Lungu was yesterday among 22 Heads of State and foreign dignitaries invited to attend Turkish President Recep Tayyip Erdogan's inauguration ceremony in the capital, Ankara.

"We as Turkey, and the Turkish nation, are making a new start here in your presence".

"There is no stopping for us until we bring Turkey - which we saved from plotters, coupists and political and economic hitmen, street gangs and terrorist organisations - to among the top 10 economies in the world", he said.

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.

According to the official result, Erdogan's conservative Justice and Development Party won 42.56 percent of the votes in the parliamentary ballot.

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Russian Prime Minister Dmitry Medvedev was present, in a new sign of the warm ties between Ankara and Moscow, as was Venezuelan President Nicolas Maduro, regarded with disdain by Washington but an ally of Erdogan.

Meanwhile Mevlut Cavusoglu remains in his post as foreign minister.

Erdogan´s supporters see the changes as just reward for a leader who has put Islamic values at the core of public life, championed the pious working classes and overseen years of strong economic growth.

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.

Those changes concentrate more power in the hands of the president.

In other words, Turkey will be an institutionalised autocracy.

Prominent market-friendly ministers, who encouraged investor confidence, are not included in Erdogan's new government.

The country has been under a state of emergency for nearly two years since the failed 2016 coup, but Erdogan said he would end it after the election. What "is certain", said Ertem, is that the governors will be appointed by the president.

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