President appoints son-in-law finance minister

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Recep Tayyip Erdogan has been inaugurated as Turkey's first executive president - following snap elections last month.

The lira, which is down some 16 percent so far this year and has been battered by concern about Erdogan's drive for lower interest rates, firmed to 4.5160 against the dollar by 1016 GMT, its highest since mid-June. Hours later, Erdogan announced the make-up a new streamlined cabinet which included his son-in-law as finance minister. Investors are keen to see Mehmet Simsek, now deputy prime minister, continue at the helm of the economy. Under controversial constitutional reforms approved by a referendum past year, parliament has been weakened and the post of prime minister abolished.

"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests. "There is no stopping for us until we bring Turkey - which we saved from plotters, coupists and political and economic hitmen, street gangs and terrorist organisations - to among the top 10 economies in the world", he said.

Erdogan, 64, says a powerful executive presidency is vital to drive economic growth, ensure security after a failed 2016 military coup and safeguard Turkey from war across its southern border in Syria and Iraq.

Erdogan will face immediate and major challenges in his second term, posed by an imbalanced fast-growing economy and foreign policy tensions between the West and Turkey, a North Atlantic Treaty Organisation member. The introduction of the new presidential system marks the biggest overhaul of governance since the Turkish republic was established on the ruins of the Ottoman Empire almost a century ago.

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Turkish Prime Minister Binali Yildirim will on Monday go down in history as the 27th and final holder of a post that has existed since Mustafa Kemal Ataturk founded modern Turkey, and whose origins date back to the Ottoman Empire.

Erdogan's restructuring is the most significant adjustment of the country's political system since the formal establishment of modern Turkey, which supplanted the shattered remains of the Ottoman Empire.

In a telephone conversation with President Erdogan Friday evening, President Buhari expressed the hope that the results of the recently held elections will strengthen democracy and lead Turkey towards more economic prosperity. "In other words, Turkey will be an institutionalized autocracy".

Amir H H Sheikh Tamim bin Hamad Al Thani with Sudan's President, Omer Al Bashir and former president of Turkey, Abdullah Gul, during the inauguration ceremony of Turkish President Recep Tayyip Erdogan. The only European Union leaders are set to be Bulgarian President Rumen Radev and Hungary's strongman Prime Minister Viktor Orban. 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. It then briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor.

"We are now adopting a model that is way beyond our 150-year-old pursuit of democracy and our 95-year-long experience of a republic", Erdogan said.

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