Turkey's Erdogan sworn in with new powers, names son-in-law finance minister

Galtero Lara
Julio 12, 2018

President Recep Tayyip Erdogan appointed his son-in-law as Turkey's finance minister on Monday hours after he was sworn in with sweeping new executive powers, promising a "strong government and a strong Turkey". He also defended his choice of his son-in-law Berat Albayrak as finance and treasury minister, saying Albayrak had theoretical and practical experience in finance.

With the coming of Turkey's Justice and Development Party (AKP) to power in 2002, Recep Tayyip Erdogan repeatedly stated about his intention to recreate the "New Turkey", and it is safe to say that thanks to Erdogan and his policy, serious reforms were made in Turkey in the political, economic and energy spheres.

After the swearing-in held in parliament, Erdogan's inauguration ceremony took place at the presidential palace here with dozens of foreign heads of state and high-ranking officials attending the event.

Erdogan, who assumed power as Turkey's first executive president on Monday, has forcefully pursued economic expansion but has also increased inflation and debt.

The introduction of the new presidential system marks the biggest overhaul of governance since the republic was established on the ruins of the Ottoman Empire almost a century ago.

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

The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum previous year.

More news: Man with no arms charged with stabbing tourist

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

No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests published by state news agency Anadolu. Investors have previously been anxious about the independence of the Central Bank of the Republic of Turkey, after President Recep Tayyip Erdogan said he wanted to take more responsibility in his country's monetary policy.

Army chief of staff General Hulusi Akar joined the government as defense minister but Mevlut Cavusoglu kept the post of foreign minister.

The state anthems of Turkey and Azerbaijan were played.

The Supreme Electoral Council confirmed Erdogan's victory in the June 24 presidential race, declaring that he won 52.59 percent of the votes.

The five-year term served as a sort of "shield" for the central bank, helping to ensure its independence from politicians, said Ugur Gurses, a former central banker.

"The pace at which he (Erdogan) is moving to tighten his grip is alarming and, in response, Turkish financial assets have come under pressure", said Jason Tuvey, senior emerging markets economist at Capital Economics, in a note to clients.

Otros informes por

Discuta este artículo

SIGUE NUESTRO PERIÓDICO