Turkey's Erdogan unveils new cabinet

Erdoğan sworn in as Turkish president with enhanced powers

The president of Turkey was just sworn in and given sweeping new powers

The appointment of military officers will be made on Victory Day, Aug. 30, every year but this date may also be changed by the president.

Erdogan referred to the principles of Mustafa Kemal Ataturk, the founder of the modern Turkish Republic.

Erdogan received Morocco's Speaker of the House of Representatives Habib El Malki, who represented King Mohammed VI at the inauguration ceremony of the Turkish president in Ankara.

"Turkey is entering a new era with the presidential oath ceremony on Monday", Mr Erdogan told members of his ruling Justice and Development Party (AKP) ahead of the swearing in.

Turkey narrowly approved the executive presidency in a contentious referendum past year.

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. Hours later, Erdogan announced the make-up a new streamlined cabinet which included his son-in-law as finance minister.

A special one lira coin (less than 25 U.S. cents) was minted for guests with the image of the presidential palace, dated July 9, 2018. Foreign Minister Mevlut Cavusoglu remained in his post.

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The lira fell 3.8 percent to 4.7488 per dollar, extending one of the biggest slides across emerging markets this year. Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.

The lira currency, which has been battered this year by concerns about President Tayyip Erdogan's drive for greater control over monetary policy, declined after the changes were published.

And the emergency rule he declared after a July 2016 coup attempt has brought mass purges of political opponents and a crackdown on dissent. "In other words, Turkey will be an institutionalized autocracy", former EU Ambassador to Turkey Marc Pierini said.

Shortly before Erdogan took oath for a new term in office - which marks the start of a shift to an executive presidency - the government in its Official Gazette removed a clause that had stated the central bank governor was appointed by cabinet decision for five years, and could be re-appointed.

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. Erdoĝan has repeatedly clashed with strategic allies such as the USA and the European Union in recent years over the war in Syria, Turkey's accession to the EU, human rights abuses by Ankara, Europe's failure to support Turkey during the coup attempt, and rising Islamophobia in Europe.

Erdogan said he would publicize his cabinet picks later on Monday. Inflation surged last month above 15 per cent, its highest level in more than a decade, even though the central bank has raised interest rates by 5 percentage points since April.

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