Published: Mon, July 09, 2018
Finance | By Claude Patterson

Erdoğan sworn in as Turkish president with enhanced powers

Erdoğan sworn in as Turkish president with enhanced powers

Delivering his speech outside the presidential palace in Ankara, and marking the introduction of a new, executive presidency with sweeping powers, Erdogan said the first meeting of his new cabinet would be held on Friday.

There is a two-term limit on the office of the president, so he could effectively stay in power until 2028.

Supporters in parliament gave him a minute-long standing ovation after he took the oath. An adviser to Erdogan later said that the governor's term would remain at five years.

Turkish Prime Minister Binali Yildirim will on Monday go down in history as the 27th and final holder of a post that has existed since Mustafa Kemal Ataturk founded modern Turkey, and whose origins date back to the Ottoman Empire. "With the power granted to us by the new presidential system, we will get quicker and stronger results".

"Turkey is entering a new era with the presidential oath ceremony on Monday", Erdogan told his ruling AKP party at the weekend.

Erdogan, who is scheduled to announce his new cabinet on Monday evening, said the new ministers would not be members of his Justice and Development Party (AK).

"Most powers will be concentrated in his hands, there will no longer be a prime minister, and nearly none of the checks and balances of liberal democracies will be present".

Among them were Russian Prime Minister Dmitry Medvedev, Venezuelan President Nicolas Maduro and Qatari Emir Sheikh Tamim bin Hamad Al Thani.

Under his leadership, Ankara started accession talks with the European Union, which stalled amid EU criticism of human rights in Turkey.

Investors were waiting to see whether cabinet appointees would include individuals seen as market-friendly, and particularly whether Mehmet Simsek, now deputy prime minister, would continue to oversee the economy. The lira has also fallen by a fifth in value against the dollar this year.

The currency has been battered by concern about Erdogan's drive for lower interest rates and comments he made in May saying he planned to take greater control of the economy after the June 24 elections.

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.

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