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

11 July 2018

Erdogan would become both the head of state and government, with the prime minister's post abolished.

The lira has been battered by concern about Erdogan's drive for lower interest rates and by comments in May that he planned to take greater control of the economy after the election, which he won on June 24.

Meanwhile Mevlut Cavusoglu remains in his post as foreign minister.

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

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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In another key change announced by Mr Erdogan on Monday, military chief Gen Hulusi Akar was named as the new defence 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.

On the eve of Monday's inauguration authorities dismissed more than 18,000 state employees - a lot of them from the police and army - in what the government said would be the final decree under emergency rule imposed following a failed 2016 coup. "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.

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. Erdogan's supporters see the changes as a just reward for a leader who has put Islamic values at the core of public life, championed the pious working classes and overseen years of strong economic growth.

Amir H H Sheikh Tamim bin Hamad Al Thani attended the inauguration ceremony of President Recep Tayyip Erdogan for a new presidential term as the first President of the Turkish Republic after the new constitutional amendment.

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

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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. Those times have already arrived, with the economic boom he's presided over threatening to turn into a bust, and a crackdown on dissent gaining new momentum.

The markets were keeping a close eye on the finance ministry, keen to see a steady hand at the helm in a fast-growing economy dogged by double-digit inflation and a widening current account deficit. The lira, which gained more than 1 percent earlier on Monday to 4.51 against the dollar, briefly fell back sharply after a government decree removed a clause stipulating a five-year term for the central bank governor.

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

Erdoğan will also have the power to appoint senior members of the judiciary and to issue decrees with the force of law.

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