President Tayyip Erdogan appointed his son-in-law as Turkey's finance minister on Monday hours after he was sworn in with sweeping new executive powers, promising a "strong government and a strong Turkey".
Erdogan narrowly won a referendum past year to replace Turkey's parliamentary democracy with a system featuring an all-powerful presidency, and followed that with a hard-fought election victory last month to the newly strengthened post.
Next Sunday is the second anniversary of a failed coup attempt in which 250 people were killed and 1,400 wounded.
Erdogan took the oath of office at the Turkish Parliament headquarters at the Grand National Assembly chaired by Acting Parliament Speaker Durmus Yilmaz.
Erdogan previously said that there will not be any members or parliamentarians of his Justice and Development Party (AK Party) in the new cabinet, hinting that it will be made up of ex-politicians and bureaucrats.
Those attending the ceremony at the presidential palace on Monday evening will include Russian Prime Minister Dmitry Medvedev, in a new sign of the warm ties between Ankara and Moscow. Foreign Minister Mevlut Cavusoglu remained in his post.
The post of prime minister has been scrapped and the president will now be able to select his own cabinet, regulate ministries and remove civil servants, all without parliamentary approval.
Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday.
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March 26: European Union countries and others including Canada show solidarity with the U.K.by expelling Russian diplomats. Christine Blanshard, said the staff "worked tirelessly to save Dawn". "They did everything they could", she said.
The appointment of Erdogan's son-in-law "will worry a number of investors and some of the markets, because they didn't much enjoy dealing with Albayrak when he was the energy minister", Peter Westmacott, who served as former British ambassador to Turkey from 2002 to 2006 told CNBC.
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 election, which he won on June 24.
Investors were waiting to see whether cabinet appointees would include individuals seen as market-friendly, and particularly whether Mehmet Simsek, now deputy prime minister, would continue to oversee the economy.
"The independence of the central bank could be undermined".
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.
He added, "Logically, in view of the President's selective attendance of these global meetings, summit and ceremonies, which of the two events were our president supposed to attend-Inauguration Ceremony in Turkey located in the European Union territory or the AU heads of State Summit in the African territory?" A powerful campaigner, he is Turkey's most successful and divisive leader in recent history.
Governance activist Macdonald Chipenzi has questioned President Edgar Lungu priorities after the Head of State travelled d to Turkey to attend the inauguration of that country's re-elected leader Recep Tayyip Erdo?an. "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.