Turkey swears in President Erdogan

President Erdogan who kept his seat in the June 24 twin elections is expected to be sworn in on Monday

President Erdogan who kept his seat in the June 24 twin elections is expected to be sworn in on Monday

"We, as Turkey and as the Turkish people, are making a new start here today", Erdogan said in an address late on Monday.

The introduction of the new presidential system is the biggest overhaul of governance since the Turkish republic was established on the ruins of the Ottoman Empire almost a century ago.

Describing the monumental change as a "new beginning", he vowed at a later ceremony at his vast Ankara presidential palace to be the president of all 81 million Turks.

Investors were waiting to see whether cabinet appointees would include individuals seen as market-friendly, and particularly whether Mehmet Simsek, now deputy prime minister, would continue to oversee the economy.

He says the changes, the biggest overhaul of governance since the modern Turkish republic was founded from the ruins of the Ottoman Empire nearly a century ago, are needed to drive economic growth and guarantee security. As head of the executive branch, Erodgan will have the power to issue decrees with the force of law, prepare the budget subject to parliament's approval, dissolve parliament and call for new presidential and parliamentary elections, and appoint high-level officials, including ministers and some top judges. 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.

Mr Erdogan has said the powerful executive presidency is vital to driving economic growth and to ensure security after a failed 2016 military coup.

Erdogan, who has transformed Turkey in 15 years of rule by allowing Islam a greater role in public life and boosting its global stature, took his oath in parliament for a five-year term after his June election victory.

At the center of the quarrel is the president's demand for a greater say over monetary policy and his insistence - against economic orthodoxy - that interest rates need to be lowered to tamp down inflation that's more than triple the government's 5 percent target. But he's also overseen a strong economy and he has built up considerable support across the country.

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

Those attending the ceremony at the presidential palace on Monday evening will include Russian Prime Minister Dmitry Medvedev, in a new sign of the warm ties between Ankara and Moscow. On the margins of the summit, he will meet with a number of heads of governments and states, including United States President Donald Trump, German Chancellor Angela Merkel and British Prime Minister Theresa May.

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

The lira, which is down just under 20 percent so far this year, had gained earlier in the day.

Erdoğan, who has ruled Turkey as prime minister and then as president for 15 years, won a snap election last month with 52% of the vote. 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.

"When you scrap the five-year term you remove this shield", he said. "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.

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