Erdogan sworn in as Turkey's president with vast new powers

Buhari congratulates Turkish leader Erdogan

Later on Monday, Erdogan will announce his new cabinet, which, he said, will hold its first meeting on Friday.

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.

Under the new system, 64-year-old Erdogan will lead the state's executive branch and have the right to appoint and remove vice-presidents, a newly introduced position, as well as ministers, high-level officials and senior judges - without parliamentary approval.

"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests. He also promised to "leave behind a system that cost the country heavily because of the political, social and economic chaos it caused in the past", according to Hurriyet Daily News. 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.

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

Erdogan´s supporters see the changes as just reward for a leader who has put Islamic values at the core of public life, championed the pious working classes and overseen years of strong economic growth.

Its commentator Asli Aydintasbas wrote: "I don't think it would be an exaggeration to say that we entered a "second republic" era", after the republic set up by Turkey's secular founder Mustafa Kemal Ataturk.

Turkish President Recep Tayyip Erdogan makes a speech during a ceremony at the Presidential Palace in Ankara, Turkey, on July 9. Before Erdogan, the role of the Turkish president was largely ceremonial.

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President Erdogan has packed his new cabinet with arch-loyalists including a family member, a childhood friend and an army chief who stood by him on the night of the coup attempt, in a clear sign that he intends to fully exercise the expanded powers handed to him under Turkey's reformed constitution. "In other words, Turkey will be an institutionalized autocracy", former EU Ambassador to Turkey Marc Pierini said.

The inauguration was to be followed by a lavish ceremony at his palace on Monday evening attended by dozens of world leaders marking the transition to the new executive presidency system. However, major Western leaders would not be in attendance, according to Reuters.

There are 16 ministers in Erdogan's streamlined new cabinet, which Erdogan has said will be more efficient and act faster.

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 his U.S. counterpart Donald Trump and other leaders.

On Saturday he also said he would tackle high interest rates, inflation and a wide current account deficit.

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.

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.

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