Tayyip Erdogan inaugurates Turkey's powerful executive presidency

Buhari congratulates Erdogan on re-election victory

Buhari congratulates Erdogan on re-election victory

Erdogan has now become both the head of state and government; and the prime minister's post is abolished. The lira, which is down some 16 percent so far this year, firmed to its highest level since mid-June before falling back to 4.61 against the dollar.

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.

Erdogan, who has transformed Turkey by allowing Islam to play a greater role in public life and boosting the country's worldwide stature, will take his oath nearly two years after defeating a bloody attempted coup.

Turkish President Recep Tayyip Erdogan has named his son-in-law as the country's finance minister after being sworn in to another five-year term.

After taking the oath of office in parliament on Monday, Mr Erdogan told guests at the presidential palace in the capital, Ankara, that Turkey was "making a new start". For some, it is the coronation of a new Turkey.

Turkey narrowly approved the executive presidency in a contentious referendum a year ago. The role of prime minister has also been eliminated, and the president will now be able to pick his own Cabinet.

Employment Situation Heats Up in June
Today's data is another proof that 2018 will be the 8th consecutive year with an employment growth of at least 2 million. They shouldn't have much trouble finding a job: There are more job openings right now than unemployed workers.

Its commentator Asli Aydintasbas wrote: "I don't think it would be an exaggeration to say that we entered a "second republic" era", after the republic set up by Turkey's secular founder Mustafa Kemal Ataturk.

After winning 52.9 percent of the vote in Turkey's presidential election two weeks ago, Erdogan was granted the ability to call additional elections, appoint judges without parliamentary approval, dissolve Parliament, and issue decrees that had previously been reserved for states of emergency. "In other words, Turkey will be an institutionalized autocracy".

The new cabinet, due to be announced at 1800 GMT, is expected to have a different look, especially after Erdogan said the government would include non-AKP figures. No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests published by state news agency Anadolu.

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.

Erdogan will face immediate challenges posed by an imbalanced if fast-growing economy and foreign policy tensions between the West and Turkey, a North Atlantic Treaty Organisation member.

The markets will keep a close eye on economic appointments, 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. It then briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor.

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