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ibusinesslines.com September 20, 2018


Turkey’s Tayyip Erdogan sworn in with new presidential powers

12 July 2018, 12:40 | Kelvin Horton

Turkey’s Tayyip Erdogan sworn in with new presidential powers

Turkey’s Tayyip Erdogan sworn in with new presidential powers

Mr Erdogan's new position marks a transition away from a parliamentary system and the office of prime minister, which has been in place since the foundation of the modern Turkish republic 95 years ago.

Trump and Erdogan - who on Monday put his son-in-law in charge of a new combined ministry of treasury and finance, further solidifying his power - were among the last to take the stage for the group photo.

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

Presidential aide Ibrahim Kalin said Erdogan would visit the mausoleum of Turkey's founder, Mustafa Kemal Ataturk, following the swearing-in ceremony.

The Turkish lira has weakened 16 percent against the dollar this year and capital has fled as Erdogan fought with his own central bank.

Erdogan was sworn in under new presidential system at 4.30 p.m. local time.

"Erdogan, 64, says a powerful executive presidency is vital to drive economic growth, ensure security after a failed 2016 military coup and safeguard Turkey from conflict across its southern border in Syria and Iraq".

"As president, I swear upon my honour and integrity, before the great Turkish nation and history, to work with all my power to protect and exalt the glory and honour of the Republic of Turkey", Erdogan told parliament as he took the oath of office. "Both are about the main political choices of the government regarding how Turkey integrates with the outer world and how these choices will help it fix its broken image in the eyes of the worldwide community", Demirtas said. The coup was led by military leaders who opposed Erdogan's push to make Turkey more Islamic and less secular.


A former Istanbul mayor, Erdogan has been at the helm of Turkey since 2003 as prime minister and then the first directly elected president since 2014. "In other words, Turkey will be an institutionalized autocracy".

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

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

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

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.

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

He won last month's election with 52.6 per cent of the vote, ushered in the executive presidency that ends parliamentary governance and boosts the powers of the formerly ceremonial presidency.

Likewise, the departure of market-friendly ministers such as Mehmet Simsek, the well regarded former deputy prime minister, and Naci Agbal, previously the finance minister, has also undermined confidence.



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