Wednesday, 26 September, 2018

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

Sergei Bobylev  TASS Sergei Bobylev TASS
Orlando Vargas | 12 July, 2018, 14:15

Foreign investors took that as a sign that Erdogan, who won re-election last month, plans to take even greater control over the economy and ultimately will have more say over monetary policy.

The new system, which dispenses with the office of prime minister, was agreed in a bitterly fought 2017 referendum narrowly won by the "Yes" camp.

His inauguration at the 1,150-room presidential palace will be attended by 22 presidents and 28 prime ministers and parliament speakers, among others, state News Agency, Anadolu, reported.

Emre Erdogan, professor of political science at Istanbul's Bilgi University, said the parliament's powers were "highly restricted" under the new system.

Turkey has been waging a crackdown on dissent against Erdogan since a failed coup attempt in 2016.

Turkish Lira, #TRY, sinks as #Erdogan Names Son-in-Law as Economy Chief... The government's vow to end the state of emergency is a "meaningless development" because the new presidential system will allow Erdogan to continue to rule by fiat as he's done over the past two years, he added.

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Turkish President Tayyip Erdogan said that volatility in the dollar would decrease and that, when it comes to exchange and interest rates, domestic banks would lend support, local broadcasters quoted him as saying on Wednesday.

He says the changes, the biggest overhaul of governance since the modern Turkish republic was founded from the ruins of the Ottoman Empire nearly a century ago, are needed to drive economic growth and guarantee security. Mevlut Cavusoglu has retained the post of Foreign Minister, Suleyman Soylu - the post of Interior Minister, Abdulhamit Gul - the post of Minister of Justice.

Simsek, a former Merill Lynch economist who had spent much of the past year trying to reassure markets after sometimes provocative comments by Erdogan, appeared to show no bitterness over his departure.

Marc Pierini, a former European Union ambassador to Turkey and visiting scholar at Carnegie Europe, said Erdogan's new powers effectively make him a "super-executive president".

Presidential aide Ibrahim Kalin said Erdogan would visit the mausoleum of Turkey's founder, Mustafa Kemal Ataturk, following the swearing-in ceremony. In particular, the departure of former Merrill Lynch banker Mehmet Simsek, who served as deputy prime minister, has raised concerns about the lack of influencers who can monitor Erdogan's policies.

The AKP failed to win a majority in parliament, taking 294 of the 600 seats, meaning it will need its allies in the Nationalist Movement Party (MHP), which has 49 seats, to ensure a majority. A special one lira coin (less than 25 US cents) was minted for guests with the image of the presidential palace, dated July 9, 2018.

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