Turkey's new finance chief, Erdogan's son-in-law, vows to bring inflation down

Sergei Bobylev  TASS

Sergei Bobylev TASS

This year, in the elections held on June 24, Erdogan won an absolute majority in the presidential polls with 52.5 percent of the vote. Under controversial constitutional reforms approved by a referendum a year ago, parliament has been weakened and the post of prime minister abolished.

Erdogan, the most popular and divisive leader in recent Turkish history, has now formally become the most powerful leader since Mustafa Kemal Ataturk founded the republic from the ruins of the Ottoman Empire.

President Recep Tayyip Erdogan will attend his first major global summit since getting reelected on Wednesday when he attends the North Atlantic Treaty Organisation heads of state and government meeting in Brussels.

Prominent market-friendly ministers, who encouraged investor confidence, are not included in Erdogan's new government.

Erdogan, who assumed power as Turkey's first executive president on Monday, has forcefully pursued economic expansion but has also increased inflation and debt.

The lira stood at 4.8270 to the dollar at 1553 GMT, weakening more than 2.5 percent from Tuesday's close of 4.7062.

President Erdogan invited President Lungu along with Gabonese President Ali Bongo, Jose Mario Vaz of Guinea Bissau and Equatorial Guinea President, Teodoro Obiang Nguema to his inauguration.

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The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum previous year.

The inauguration was to be followed by a lavish ceremony at his palace on Monday evening attended by dozens of world leaders marking the transition to the new executive presidency system.

"Most importantly, there is increasing evidence that the central bank's independence may already be compromised on Erdogan's (likely to be successful) attempts to extend full control over it". "With the power granted to us by the new presidential system, we will get quicker and stronger results". Ties with the United States and other North Atlantic Treaty Organisation partners also frayed, but Turkey remains crucial for any hope of stability in Syria and Iraq and curbing refugee flows to Europe.

A senior adviser to Erdogan later said that governors would still be appointed for a five-year term.

The appointment of Albayrak, the husband of Erdogan's elder daughter Esra and formerly energy minister, came as a surprise, with no place for Mehmet Simsek, the former deputy prime minister for the economy trusted by markets. He also promised to take Turkey "much further" by solving the economy's structural problems.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", Erdogan said in an address late on Monday.

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