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ANKARA (REUTERS) – President Tayyip Erdogan appointed his son-in-law as Turkey's finance minister in a new cabinet on Monday (July 9th), hours after swearing new powers to head a country that it
The read, which lost nearly one-fifth of its value against the dollar this year, lost nearly 3% to 4.74 for a dollar after the announcement of the cabinet.
Erdogan appointed his son Berat Albayrak as Minister of Finance and Finance. There was no room in the cabinet for former Deputy Prime Minister Mehmet Simsek, who was considered the main minister favorable to the market under the previous government
The reading was shaken by the Erdogan's concerns over interest rates and by comments in May he was considering taking greater control of the economy after the June elections
Assuming the new executive chairmanship that #######################################> 39, he has long sought to establish, Erdogan was sworn before parliament before addressing the international leaders gathered at the presidential palace in Ankara
"We, as Turkey and Turkish people, make a fresh start here today, "he told dignitaries and thousands of guests
" We leave behind us the system that once According to Erdogan, 64, a powerful executive presidency is essential to stimulate the has economic growth, provide security after a failure of the military coup of 2016 and guarantee the security of our country. d Turkey's conflict across its southern border in Syria and Iraq.
"We are going down this road using this opportunity as best we can for a strong parliament, a strong government and a strong Turkey," he said. The introduction of the new presidential system marks the biggest reform of governance since the establishment of the Turkish Republic on the ruins of the Ottoman Empire nearly a century ago.
The post of prime minister has been abolished and the president will now have his own cabinet, regulate the ministries and abolish the officials, all without parliamentary approval.
Erdogan's supporters see the changes as a reward for a leader who has placed Islamic values at the heart of public life, defended the pious working classes Opponents say the movement is swerving in the air. authoritarianism, accusing Erdogan of eroding the secular institutions set up by the modern founder of Turkey, Mustafa Kemal. Ataturk, and the Distance of Western Values of Democracy and Freedom of Expression
"INSTITUTIONALIZED AUTOCRACY"
Marc Pierini, Former EU Ambassador to Turkey and Visiting Scholar at Carnegie Europe , said the new powers of Erdogan "super-executive president"
"Most powers will be concentrated in his hands, there will be no more prime minister, and almost no brakes and counterweight liberal democracies will only be present.Albayrak was one of the 16 ministers appointed in the new cabinet streamlined after the ceremony at the presidential palace, said the official Anadolu news agency, which was attended by the Venezuelan president Nicolas Maduro, Russian Prime Minister Dmitry Medvedev and Sudanese President Omar Hassan al-Bashir, wanted for war crimes by the International Criminal Court
No major Western leader he was on a list of 50 presidents, prime ministers and other high-ranking guests. is a member of the Western military alliance, NATO, but he disagrees with the United States on military strategy in Syria and with the European Union on the large-scale purges of institutions States, the armed forces, the police and the media.
The read, which is down from just under 20% since the beginning of the year, had risen earlier in the day, before briefly losing more than 1% after that. a decree removed the clause stipulating a five-year term of office for the central bank governor.
The removal of the term would remove a shield that helps ensure the independence of the bank from politicians, said former central banker Ugur Gurses. An Erdogan senior advisor later said the governors would still be appointed for a five-year term.
Inflation climbed last month above 15 percent, its highest level for more than ten years. 5 percentage points since April.
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