Published: Thu, July 12, 2018
Business | By Tara Barton

Erdogan sworn in as Turkey's president with vast new powers

Erdogan sworn in as Turkey's president with vast new powers

Critics say the executive presidency amounts to one-man rule. The inauguration ceremony, which was held in the Presidential Compound Monday evening, was attended by a number of heads of states and governments, representatives of heads of states, ministers, heads of parliaments of some countries and representatives of global organisations. This was met with a minute-long standing ovation by his supporters, and seated silence from those who still oppose his power grab. Turkey's lira, which has fallen more than 20% in the year so far, weakened on Monday, flipping into negative territory following the news of the central bank term removal.

Under the new system, Erdogan will not only run the executive branch but also lead his Justice and Development Party in parliament where he is six short of a majority and therefore allied with a nationalist party.

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.

Erdogan will face immediate and major challenges in his second term, posed by an imbalanced if fast-growing economy and foreign policy tensions between the West and Turkey, a North Atlantic Treaty Organisation member. It later showed him visiting Ataturk's mausoleum in the capital, Ankara.

Erdogan, modern Turkey's longest-serving ruler, will be sworn in at parliament late in the afternoon.

Assuming the new executive presidency he has long fought to establish, Erdogan earlier took the oath of office in parliament before addressing worldwide leaders gathered at the presidential palace in Ankara.

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"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.

In other words, Turkey will be an institutionalised autocracy.

Erdogan named his son-in-law Berat Albayrak as treasury and finance minister.

Foreign minister Mevlut Cavusoglu, who kept his position in the new cabinet, said he wanted Turkey to continue its bid to join the European Union, Hurriyet Daily News reported on Tuesday. "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.

The lira, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 per cent to 4.74 to the USA currency after the cabinet announcement. It stood at 4.5570 against the dollar at 1445 GMT.

He won re-election on June 24, with 52.59 per cent of votes. The currency has nosedived this year and inflation reached its highest level in more than a decade last month.

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