Turkey ETF Plunges in Response to Erdogan's Iron Grip on Economy

Turkish President Tayyip Erdogan greets members of parliament from his ruling AK Party during a meeting at the Turkish parliament in Ankara Turkey

Erdoğan sworn in as Turkish president with enhanced powers

Erdogan narrowly won a referendum a year ago to replace Turkey's parliamentary democracy with a system featuring an all-powerful presidency, and followed that with a hard-fought election victory last month to the newly strengthened post.

Erdogan's re-election in the June 24 polls marked Turkey's transition to an executive presidential system of government, abolishing the prime minister's post, among other changes. PICTURE BY SALIM HENRY/STATE HOUSE ©2018PRESIDENT Edgar Lungu was yesterday among 22 Heads of State and foreign dignitaries invited to attend Turkish President Recep Tayyip Erdogan's inauguration ceremony in the capital, Ankara.

Indeed, if the composition of the Cabinet is analyzed, it is possible to see that with the exception of Abdulhamit Gul, Berat Albayrak and Suleyman Soylu, all the ministers are new.

Turkey has been waging a crackdown on dissent against Erdogan since a failed coup attempt in 2016.

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

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.

Critics say the executive presidency amounts to one-man rule.

What to know about infant feeding guidelines, as USA opposes breastfeeding resolution
USA delegates pushed for removal of resolution language calling on governments to "protect, promote and support breast-feeding." . The measure was introduced , however, once Russian Federation stepped in.

Mr Erdogan is now the country's most powerful leader since Ataturk: modern Turkey's secular founding father, who saw Turkey as part of the west.

Turkey's incoming finance minister, the son-in-law of President Recep Tayyip Erdogan, on Tuesday vowed to bring inflation down to single digits as he seeks to win over investors spooked by his appointment. The issue is still polarizing in Turkey. The number of ministries under the presidential system has been reduced from 26 to 16 and those dealing with economic matters halved to three.

Turkey is a member of the Western military alliance, NATO, but it has been at odds with the United States over military strategy in Syria and with the European Union over Ankara´s large-scale purges of state institutions, armed forces, police and media following the failed coup. Investors are keen to see Mehmet Simsek, now deputy prime minister, continue at the helm of the economy.

Erdogan on Monday appointed former Chief of Staff Hulusi Akar as defense minister.

The unexpected move leaves key details on the future functioning of the central bank unanswered but signals that Erdogan intends to keep to a pledge in May to increase his control over the way monetary policy is made.

State television channel TRT broadcast Erdogan's described Monday's swearing-in as the "first day of the new Turkey".

Latest News