Tuesday, 17 July, 2018

Erdogan's son-in-law new finance minister

Sergei Bobylev  TASS Sergei Bobylev TASS
Jean Garcia | 12 July, 2018, 13:39

The lira erased earlier gains after the decree was published and was trading 0.2 per cent lower at 4.58 per dollar at 5:24 p.m.in Istanbul.

According to the official result, Erdogan's conservative Justice and Development Party won 42.56 percent of the votes in the parliamentary ballot.

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

Erdogan will this week immediately turn to foreign policy, visiting northern Cyprus and Azerbaijan, followed by more challenging encounters at a North Atlantic Treaty Organisation summit in Brussels where he will meet US President Donald Trump and other leaders. Armed forces chief of staff Hulusi Akar was named defence minister.

Meanwhile Mevlut Cavusoglu remains in his post as foreign minister.

"We are facing a period where we have to work hard to bring inflation down to single digits again", said Albayrak, adding that Turkey will have a stronger monetary policy in the upcoming period.

Government spokesman Dimitris Tzanakopoulos said that "The prime minister will raise the issue at the NATO Summit and at all his meetings and formal interventions, in order to increase pressure on Turkey to release our two soldiers". The number of ministries under the presidential system has been reduced from 26 to 16 and those dealing with economic matters halved to three.

His supporters see them as just reward for a leader who has put Islamist values at the core of public life, championed the pious working classes and built airports, hospitals and schools.

Japanese nurse 'poisoned 20 patients so they died when she was off-duty'
She also admitted poisoning 88-year-old Nobuo Yamaki, who was being treated in the same room as Nishikawa. She began working at Oguchi Hospital in May 2015 after working in another hospital.

Six hundred lawmakers from seven political parties also observed a moment of silence to pay respect to Turkish Republic's founder Mustafa Kemal Ataturk.

The coronation of the presidential office as the nexus of political power takes place at a critical juncture.

In other words, Turkey will be an institutionalised autocracy.

The new system was approved in a contentious referendum previous year with 51.4 percent voting in favor of the reforms, which are the most significant changes to the political system in modern day Turkey. Visit MarketWatch.com for more information on this news.

The new government faces immediate economic challenges.

Erdogan was comfortably re-elected last month with 52.6 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.

"The central bank will not have independence, there will be no restraints on the president in determining the budget [and] spending priorities", said Kuran.

A senior adviser to Erdogan later said that governors would still be appointed for a five-year term.

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