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profishingrods.com September 20, 2018


Turkey's Erdogan Starts Presidential Rule, Names Son-in-Law as Finance Minister

12 July 2018, 12:42 | Joann Bryant

Turkey's Erdogan Starts Presidential Rule, Names Son-in-Law as Finance Minister

Turkish President Erdogan unveils 16-minister cabinet

Turkey's president Recep Tayyip Erdogan has named his son-in-law as the country's finance minister after being sworn in to another five-year term.

Under the new executive presidential system, the Cabinet will be reduced from 26 to 16 while the Prime Minister's office will be abolished.

Erdogan named his son-in-law Berat Albayrak as treasury and finance minister. "There is no stopping for us until we bring Turkey - which we saved from plotters, coupists and political and economic hitmen, street gangs and terrorist organisations - to among the top 10 economies in the world", he said.

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

Army chief of staff General Hulusi Akar joined the government as defense minister but Mevlut Cavusoglu kept the post of foreign minister.

Mr Erdogan has largely ruled by fiat since 2016, when he imposed a state of emergency on the country in response to a failed coup attempt against him.

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

"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 said in his speech to Parliament after being sworn in.

"We are embarking on this road by using this opportunity as best we can for a strong parliament, strong government and strong Turkey", he said.




His supporters see them as just reward for a leader who has put Islamist values at the core of public life, championed the pious working classes and built airports, hospitals and schools.

Erdogan has been in power for 15 years, first as prime minister, and then as president, from 2014. "In other words, Turkey will be an institutionalized autocracy".

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

In the aftermath of the 2016 coup, Turkey, a member of the North Atlantic Treaty Organisation military alliance and still nominally a candidate to join the European Union, has detained some 160,000 people, jailed journalists and shut down dozens of media outlets.

Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday.

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

Scrapping the term would remove a shield that helps ensure the bank's independence from politicians, former central banker Ugur Gurses said.

Erdogan faces economic problems such as high interest rates and inflation as well as a plunging currency that has lost 17 percent of its value against the dollar since the start of 2018.

"For the cabinet appointments in the past several years, the most important issue has been the presence of the current deputy prime minister, Mehmet Simsek", said Inan Demir, a senior economist at Nomura International. Erdogan won an absolute majority in the presidential election with 52.5% of the vote, according to Turkey's Supreme Election Council (YSK).



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