Sworn in with new powers, Erdogan leaves on 1st trip

12 Juillet, 2018, 13:38 | Auteur: Auguste Feret
  • Turkish President Tayyip Erdogan greets members of parliament from his ruling AK Party during a meeting at the Turkish parliament in Ankara Turkey

One dollar last fetched 4.5932 lira, up from 4.5731 lira late Friday.

Dragging on the Turkish markets, the lira currency weakened 4% against the USA dollar late Monday after Erdogan appointed his son-in-law as finance minister and placed measures that could diminish the independence of the central bank, the Wall street Journal reports.

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.

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

Only the first defense ministers of Turkey (after the establishment of the Republic of Turkey) were servicemen, and starting from 1950, mainly diplomats and lawyers were appointed to this post.

He said Erdogan's inauguration ceremony will be held on the same day at 06.00 p.m. local time (1500GMT) at the presidential complex.

Before announcing the composition of the Cabinet of Ministers, Erdogan noted that basically there will be new names in it.

The president has said he plans to streamline the cabinet, reducing the number of ministries from 26 to 16. But he's also overseen a strong economy and he has built up considerable support across the country.

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.

That change takes away one of the last checks on the president's power, Duke University professor of economics and political science Timur Kuran told The Media Line. "In other words, Turkey will be an institutionalized autocracy".

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Under the new system, the president takes over the executive branch and forms the government, and appoints vice presidents, ministers and senior officials.

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.

Seeking to counter his critics, Erdogan vowed that "in the new period, Turkey will go much further in terms of democratic fundamentals, rights, freedom and economic investment".

The new government faces immediate economic challenges.

Erdogan won an absolute majority in the presidential election on June 24 with 52.5% of the vote.

The markets will keep a close eye on economic appointments, keen to see a steady hand at the helm in a fast-growing economy dogged by double-digit inflation and a widening current account deficit.

Earlier on Monday the lira briefly dropped more than 1 per cent after a decree removed a clause stipulating a five-year term for the central bank governor.

"The central bank will not have independence, there will be no restraints on the president in determining the budget [and] spending priorities", said Kuran.

His re-election marked Turkey's transition to an executive presidential system of government.

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