Turkey's Erdogan appoints son-in-law as finance minister

Turkey’s AK party names Yildirim as parliament speaker

Turkey's Tayyip Erdogan will fulfil a long-held ambition on Monday when he is sworn in as president with sweeping new powers over a country he has dominated and reshaped during his 15-year rule.

Mr Buhari welcomed his invitation to the Monday 9th inauguration but regretted his inability to be personally present. The prime ministry will not exist in the new system.

Presidents Buhari and Erdogan enjoy a great relationship and have met a number of times since their coming into office. But he's also overseen a strong economy and he has built up considerable support across the country.

Erdogan named his son-in-law Berat Albayrak as treasury and finance minister in an updated cabinet that excluded former deputy prime minister Mehmet Simsek, seen as the main market-friendly minister in the previous government.

The lira has been battered by concern about Erdogan´s drive for lower interest rates and by comments in May that he planned to take greater control of the economy after the June elections.

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.

Erdogan narrowly won a referendum past year to replace his country's parliamentary democracy with a system featuring an all-powerful presidency, and followed that with a hard-fought election victory last month to the newly strengthened post.

Erdogan would become both the head of state and government, with the prime minister's post abolished.

Its commentator Asli Aydintasbas wrote: "I don't think it would be an exaggeration to say that we entered a "second republic" era", after the republic set up by Turkey's secular founder Mustafa Kemal Ataturk. In what appeared to be the final emergency decree issued just one day before the inauguration, 18,632 public sector employees were ordered dismissed, including thousands of soldiers and police officers. He also promised to "leave behind a system that cost the country heavily because of the political, social and economic chaos it caused in the past", according to Hurriyet Daily News.

No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests.

Those changes concentrate more power in the hands of the president.

In other words, Turkey will be an institutionalised autocracy. 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.

There are 16 ministers in Erdogan's streamlined new cabinet, which Erdogan has said will be more efficient and act faster.

Earlier on Monday the lira briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor.

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. An adviser to Erdogan later said that the governor's term would remain at five years.

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