Tuesday, 25 September, 2018

Turkey swears in President Erdogan

Erdoğan sworn in as Turkish president with enhanced powers The president of Turkey was just sworn in and given sweeping new powers
Priscilla Morrison | 12 July, 2018, 13:39

Erdogan has said that the powerful executive presidency is vital to drive economic growth and to ensure security after a failed 2016 military coup. This was met with a minute-long standing ovation by his supporters, and seated silence from those who still oppose his power grab. It then briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor.

Government spokesman Dimitris Tzanakopoulos said that "The prime minister will raise the issue at the NATO Summit and at all his meetings and formal interventions, in order to increase pressure on Turkey to release our two soldiers".

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

In his inaugural speech, President Erdogan said no country needs a saviour and the only thing that humanity needs is justice and equality.

"Turkey is among the few countries in the world that has changed its governing system in democratic means", he said Monday. It later showed him visiting Ataturk's mausoleum in the capital, Ankara.

More news: Footage from inside Thailand cave shows trapped boys' escape route

Assuming the new executive presidency he has long fought to establish, Erdogan earlier took the oath of office in parliament before addressing global leaders gathered at the presidential palace in Ankara. 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. "In other words, Turkey will be an institutionalized autocracy". The revamped 16-ministry Cabinet also includes Erdogan's son-in-law, Berat Albayrak, who will head treasury and finance as the Turkish economy shows signs of instability.

Turkey's president says he thinks the mindset of Greek Cypriots remains unchanged from when the latest effort to reunify ethnically divided Cyprus collapsed a year ago.

The country has been under a state of emergency for nearly two years since the failed 2016 coup, but Erdogan said he would end it after the election.

Likewise, the departure of market-friendly ministers such as Mehmet Simsek, the well regarded former deputy prime minister, and Naci Agbal, previously the finance minister, has also undermined confidence. Inan Demir, an economist at Nomura International in London, said by email. The lira is down 17 percent this year. It stood at 4.5570 against the dollar at 1445 GMT.

At the center of the quarrel is the president's demand for a greater say over monetary policy and his insistence - against economic orthodoxy - that interest rates need to be lowered to tamp down inflation that's more than triple the government's 5 percent target.

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