Erdogan sworn in under new ruling system

Turkish President Recep Tayyip Erdogan is to be sworn in for his second term as head of the state on Monday, taking on greater powers than any Turkish leader for decades under a new system condemned by opponents as autocratic. Some opposition parliamentarians remained seated while others stood without applauding.

President Erdogan invited President Lungu along with Gabonese President Ali Bongo, Jose Mario Vaz of Guinea Bissau and Equatorial Guinea President, Teodoro Obiang Nguema to his inauguration.

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.

The lira TRYTOM=D3, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 percent to 4.74 to the USA currency after the cabinet announcement.

The five-year term served as a sort of "shield" for the central bank, helping to ensure its independence from politicians, said Ugur Gurses, a former central banker.

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.

Prime Minister Binali Yildirim now goes down in history as the 27th and final holder of the post in Turkey.

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. Marc Pierini, a former European Union ambassador to Turkey and a visiting scholar at Carnegie Europe, said Erdogan's new powers would effectively make him a "super-executive president". Investors are keen to see Mehmet Simsek, now deputy prime minister, continue at the helm of the economy. "In other words, Turkey will be an institutionalized autocracy", former EU Ambassador to Turkey Marc Pierini said.

"Albayrak was one of 16 ministers named in the new streamlined cabinet after the ceremony at the presidential palace, which state news agency Anadolu said was attended by Venezuelan President Nicolas Maduro, Russian Prime Minister Dmitry Medvedev and Sudanese President Omar Hassan al-Bashir, who is wanted for war crimes by the International Criminal Court". Erdoĝan has repeatedly clashed with strategic allies such as the U.S. 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. "For the cabinet appointments in the past several years, the most important issue has been the presence of the current deputy prime minister, Mehmet Simsek", said Inan Demir, a senior economist at Nomura International.

Earlier on Monday the lira briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor. It stood at 4.5570 against the dollar at 1445 GMT.

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 June elections.

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