Turkey's New Era: Turkish President Erdogan takes oath of office

The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum previous year.

Presidential aide Ibrahim Kalin said Erdogan would visit the mausoleum of Turkey's founder, Mustafa Kemal Ataturk, following the swearing-in ceremony.

This time he has broad, sweeping powers, including the ability to dissolve Parliament.

Erdogan received Morocco's Speaker of the House of Representatives Habib El Malki, who represented King Mohammed VI at the inauguration ceremony of the Turkish president in Ankara.

"Turkey is entering a new era with the presidential oath ceremony on Monday", Erdogan told his ruling AK Party at the weekend.

Erdogan's restructuring is the most significant adjustment of the country's political system since the formal establishment of modern Turkey. Erdogan's re-election at the June 24 polls marked Turkey's transition to an executive presidential system of government, doing away with the prime minister's post, among other changes.

A special one lira coin (less than 25 USA cents) was minted for guests with the image of the presidential palace, dated July 9, 2018.

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

Monday's announcements had deepened worries about the bank's independence and triggered losses in the lira, which has been hit this year by concerns about Erdogan's drive for greater control over monetary policy.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", Erdogan said in an address late on Monday.

Erdogan has also pledged to end the state of emergency that has been in place since the failed July 2016 coup and which has seen the biggest purge in the history of modern Turkey.

Just as Ataturk transformed an impoverished nation at the eastern edge of Europe into a secular, Western-facing republic, Erdogan has fought to bring Islamic values back into public life and lift millions of pious Turks - long ostracized by the secular elite - out of poverty.

The post of prime minister will be scrapped. 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.

Albayrak will be in charge of a new ministry of treasury and finance, replacing roles previously held by Deputy Prime Minister Mehmet Simsek, a former Merrill Lynch banker, and Finance Minister Naci Agbal.

In the aftermath of the 2016 coup, Turkey, a member of the North Atlantic Treaty Organisation military alliance and still nominally a candidate to join the European Union, has detained some 160,000 people, jailed journalists and shut down dozens of media outlets. An adviser to Erdogan later said that the governor's term would remain at five years.

Erdogan faces economic problems such as high interest rates and inflation as well as a plunging currency that has lost 17 percent of its value against the dollar since the start of 2018.