Turkey's Erdogan appoints son-in-law as finance minister

12 July, 2018, 13:42 | Author: Eric Barnett
  • Sergei Bobylev  TASS

He secured an outright victory in the June 24 presidential polls, winning nearly 52.3 percent of the votes.

"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", he said.

After the inauguration, Erdogan will immediately turn to foreign policy, visiting northern Cyprus and Azerbaijan, both traditional first ports of call for a newly elected Turkish leader.

Chief of General Staff General Hulusi Akar joined the cabinet as defense minister.

"I hope that in Turkey all will proceed well", he said after the inauguration of Erdogan. "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.

Erdgoan has said he will announce the cabinet on Monday night, promising to make appointments from outside parliament and to slim down his ministerial team to 16 from more than 20.

Opponents fear his new role, executive president, will destroy democracy.

"With the power granted to us by the new presidential system, we will get quicker and stronger results". "In other words, Turkey will be an institutionalized autocracy".


On Monday, he took the presidential oath of office to become Turkey's first president under its new system.

He has also pledged to end the state of emergency that has been in place since the failed July 2016 coup and has seen the biggest purge in the history of modern Turkey.

After news emerged of the appointment of Mr Erdogan's son-in-law, the Turkish lira lost more than 3% of its value.

The new government faces immediate economic challenges.

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. Turkey's lira, which has fallen more than 20% in the year so far, weakened on Monday, flipping into negative territory following the news of the central bank term removal.

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

"The pace at which he (Erdogan) is moving to tighten his grip is alarming and, in response, Turkish financial assets have come under pressure", said Jason Tuvey, senior emerging markets economist at Capital Economics, in a note to clients.

The sell-off in Turkish markets and country-specific ETF continued Tuesday as the lira currency depreciated on rising concerns over President Recep Tayyip Erdogan's executive powers.

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