Published: Thu, July 12, 2018
Finance | By Claude Patterson

Turkey's New Era: Turkish President Erdogan takes oath of office

Turkey's New Era: Turkish President Erdogan takes oath of office

Erdogan has led Turkey for the past 15 years and assumed even more sweeping powers on Monday as he was sworn in as the first head of the country's new, all-powerful executive presidency. He vowed to "remain loyal to the rule of law, to the democratic and secular republic, and to Ataturk's principles and reforms".

How does the new system look and how will it work?

The sell-off in Turkish markets and country-specific ETF continued Tuesday as the lira currency depreciated on rising concerns over President Recep Tayyip Erdogan's executive powers.

Under the new decree, Erdogan will decide on the promotion of top army officers including colonels, brigadier generals, admirals and generals in the Turkish armed forces.

The post of prime minister will be scrapped.

Military courts - one of which sentenced former prime minister Adnan Menderes to death following a 1960 coup - will be abolished. The new cabinet will be announced on Monday evening.

Multiple ministries have been merged.

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

Fuat Oktay, a former head of Turkey's emergencies agency, has been named as the sole vice president, a newly-created post. He has presided over a strong economy and built up a solid support base.

On the eve of Monday's inauguration authorities dismissed more than 18,000 state employees - a lot of them from the police and army - in what the government said would be the final decree under emergency rule imposed following a failed 2016 coup. The latest emergency ends on July 19.

In the local elections of March 1994, Erdogan was elected mayor of Metropolitan İstanbul.

Turkey is expected to adopt an increasingly nationalistic line in its foreign policy with the conservative and Islamic-leaning AKP and the nationalist MHP in parliament. The minimum age for MPs has also been lowered from 25 to 18.

The parliament will still have the power to enact, modify and remove legislation.

The coronation of the presidential office as the nexus of political power takes place at a critical juncture.

Erdogan previously said that there will not be any members or parliamentarians of his Justice and Development Party (AK Party) in the new cabinet, hinting that it will be made up of ex-politicians and bureaucrats.

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.

Erdogan will this week immediately turn to foreign policy, visiting northern Cyprus and Azerbaijan, followed by more challenging encounters at a North Atlantic Treaty Organisation summit in Brussels where he will meet US President Donald Trump and other leaders.

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