Wednesday, 19 September, 2018

Turkey's Erdogan says dollar volatility to decrease -broadcasters

Erdogan acquired 52.5 percent of the votes in the presidential election on June 24 Erdogan acquired 52.5 percent of the votes in the presidential election on June 24
Nellie Chapman | 12 July, 2018, 14:16

Erdogan, who has transformed Turkey in 15 years of rule by allowing Islam a greater role in public life and boosting its global stature, took his oath in parliament for a five-year term after his June election victory.

Meanwhile, President Erdogan hosted a dinner in honour of the delegations taking part in the inauguration ceremony, which was attended by Dr. Al Sunaidy.

"Everything went well in the eyes of the people".

Morocco's monarch sent his congratulatory message to Erdogan following his reelection as President of the Republic of Turkey on June 24.

Recep Tayyip Erdogan will cap his years-long drive to transform Turkey's government on Monday as he's sworn in as an executive president with vastly expanded powers.

Earlier, the government issued a decree adjusting Turkey's laws to the new presidential system that comes into effect with the elections.

Prominent market-friendly ministers, who encouraged investor confidence, are not included in Erdogan's new government.

"As the 12th president [of the nation] and the first president of the presidential system, I once more vow to strengthen the unity and brotherhood of our nation, develop the country, and elevate the state".

The appointment of Albayrak, the husband of Erdogan's elder daughter Esra and formerly energy minister, came as a surprise, with no place for Mehmet Simsek, the former deputy prime minister for the economy trusted by markets.

After the swearing-in ceremony, Mr Erdogan visited the mausoleum of the founder of the Turkish Republic, Mustafa Kemal Ataturk before proceeding to the Presidential Complex to make his inaugural speech.

Turkey's president says he thinks the mindset of Greek Cypriots remains unchanged from when the latest effort to reunify ethnically divided Cyprus collapsed a year ago.

Inflation surged last month above 15 percent, its highest level in more than a decade, despite interest rate hikes of 500 basis points by the central bank since April.

Erdogan is also expected to meet European Council head Donald Tusk, European Commission President Jean-Claude Juncker and European Parliament President Antonio Tajani.

The lira, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 per cent to 4.74 to the US currency after the cabinet announcement.

Erdogan will not only run the executive branch but also lead his Justice and Development Party in parliament where he is short of a majority and therefore allied with a nationalist party.

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.