Erdogan takes on new powers, names son-in-law finance chief

Erdogan urges 'correct evaluation' of Turkish elections

The lira TRYTOM=D3, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 percent to 4.74 to the USA currency after the cabinet announcement.

Erdogan is expected to announce his cabinet of 16 ministers later on Monday.

Erdoğan took his oath in parliament on July 9 after being elected as the country's president in the June 24 elections, in which he garnered 52 percent of the votes.

Assuming the new executive presidency he has long fought to establish, Erdogan earlier took the oath of office in parliament before addressing worldwide leaders gathered at the presidential palace in Ankara. For some, it is the coronation of a new Turkey.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", he said.

The president will also have the power to dissolve parliament, issue executive decrees and impose a state of emergency.

"As president, I swear upon my honor and integrity, before the great Turkish nation and history, to work with all my power to protect and exalt the glory and honor of the Republic of Turkey", Erdogan told the lawmakers.

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 Turkey's economic growth and guarantee its security.

Under the changes, the post of prime minister will be scrapped, and Erdogan will select his own cabinet and regulate ministries and remove civil servants, all without parliamentary approval.

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After taking the oath, Erdogan plans to visit the mausoleum of Mustafa Kemal Ataturk, the founder of the modern, secular, Turkish Republic.

Amir H H Sheikh Tamim bin Hamad Al Thani with Sudan's President, Omer Al Bashir and former president of Turkey, Abdullah Gul, during the inauguration ceremony of Turkish President Recep Tayyip Erdogan.

In a telephone conversation with President Erdogan Friday evening, President Buhari expressed the hope that the results of the recently held elections will strengthen democracy and lead Turkey towards more economic prosperity.

In other words, Turkey will be an institutionalised autocracy.

Recep Tayyip Erdogan, the president of Turkey, was just sworn into office for another five-year term.

No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests. Erdoĝan has repeatedly clashed with strategic allies such as the United States and the European Union in recent years over the war in Syria, Turkey's accession to the EU, human rights abuses by Ankara, Europe's failure to support Turkey during the coup attempt, and rising Islamophobia in Europe.

The coup was followed by a crackdown on members of the bureaucracy, judiciary, armed forces, police, media and academia, with more than 130,000 people dismissed from their jobs or arrested.

Inflation surged last month above 15 percent, its highest level in more than a decade, despite interest rate hikes of 500 basis points by the central bank since April.

Turkey also faces a widening current account deficit making it reliant on weak foreign investment to plug the gap.

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