Edogan sworn in with increased powers

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.

Erdogan, modern Turkey’s longest-serving ruler, will be sworn in at parliament late in the afternoon. In the evening, he’ll mark the inauguration of the presidential system at a grand reception attended by foreign dignitaries, before unveiling the members of a cabinet expected to be pared to 16 positions from the current 27.

The coronation of the presidential office as the nexus of political power takes place at a critical juncture. The 64-year-old president, who has governed since 2003, won a mandate in the June 24 elections to govern with sweeping new powers on the platform that a powerful presidential office would ensure stability in turbulent times. Those times have already arrived, with the economic boom he’s presided over threatening to turn into a bust, and a crackdown on dissent gaining new momentum.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.