Tayyip Erdogan sworn in as Turkey's first executive president

11 Juillet, 2018, 10:43 | Auteur: Anatole Charbonneau

"As the 12th president [of the nation] and the first president of the presidential system, I once more vow to strengthen the unity and brotherhood of our nation, develop the country, and elevate the state".

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.

President Erdogan invited President Lungu along with Gabonese President Ali Bongo, Jose Mario Vaz of Guinea Bissau and Equatorial Guinea President, Teodoro Obiang Nguema to his inauguration.

Erdogan's ruling Justice and Development Party (AKP) on Saturday nominated Yildirim as parliament speaker, an appointment likely to be rubber-stamped by the chamber on Thursday.

Erdogan's restructuring is the most significant adjustment of the country's political system since the formal establishment of modern Turkey.

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.

Erdogan named his son-in-law Berat Albayrak as treasury and finance minister in an updated cabinet that excluded former deputy prime minister Mehmet Simsek, seen as the main market-friendly minister in the previous government.

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President Edgar Chagwa Lungu (centre) with his Sudanese counterpart attends the inauguration of Recep Tayyip Erdogan at the Presidential Complex in Ankara, Turkey on Monday, July 9,2018.

The post of prime minister will be scrapped.

The lira on Tuesday gained back 0.5 percent against the dollar to trade at 4.7 to the greenback.

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

Shortly before Erdogan took oath for a new term in office - which marks the start of a shift to an executive presidency - the government in its Official Gazette removed a clause that had stated the central bank governor was appointed by cabinet decision for five years, and could be re-appointed. "In other words, Turkey will be an institutionalized autocracy".

Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday. 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.

Inflation surged last month above 15 percent, its highest level in more than a decade, despite interest rate hikes of 500 basis points by the central bank since April.

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