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

Turkey’s AK party names Yildirim as parliament speaker

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

PICTURE BY SALIM HENRY/STATE HOUSE ©2018PRESIDENT Edgar Lungu was yesterday among 22 Heads of State and foreign dignitaries invited to attend Turkish President Recep Tayyip Erdogan's inauguration ceremony in the capital, Ankara.

Russian Prime Minister Dmitry Medvedev will attend, in a new sign of the warm ties between Ankara and Moscow, as will Venezuelan President Nicolas Maduro, regarded with disdain by Washington but an ally of Erdogan.

Erdoğan took the oath of office in a ceremony in the Grand National Assembly, the culmination of almost a decade of political activism to transform the country's parliamentary democracy into a presidential system.

"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 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.

Erdogan named Fuat Oktay, a former Turkish Airlines executive who studied in the United States, as vice president.

Shortly before Erdogan took oath for a new term in office - which marks the start of a shift to an executive presidency - the government in its Official Gazette removed a clause that had stated the central bank governor was appointed by cabinet decision for five years, and could be re-appointed. Erdogan is expected to announce his Cabinet on Monday evening.

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.

24,000 fans thank Russian players for fantastic World Cup display
Whoever makes it through today's last two games will be through to the semi-final matches, which will then follow next week. He assembled a team that defied all forecasts and made the home nation proud.

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

Erdogan took the oath of office on Monday in the Turkish parliament, where he vowed that he would make the right use of the sweeping powers he won in a referendum past year and sealed in a hard-fought re-election victory two weeks ago.

His supporters, however, insist Erdogan deserves to be empowered as president, saying he has steered Turkey through its years of economic progress while rewarding working classes in the country. "In other words, Turkey will be an institutionalized autocracy". North Atlantic Treaty Organisation member Turkey's relations with its Western allies have been strained by disputes with the United States over military strategy in Syria and by European Union criticism of Ankara's large-scale purges of state institutions, armed forces, police and media following the failed coup.

"If we see market-friendly names being appointed (to the cabinet) we might see an even more positive response for the lira and the opposite is true as well", said Inan Demir, senior emerging markets economist at Nomura International.

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

Last month Mr Erdogan was re-elected with 53% of the vote.

The five-year term served as a sort of "shield" for the central bank, helping to ensure its independence from politicians, said Ugur Gurses, a former central banker.

Latest News