Turkish President Tayyip Erdogan took the oath of office for a new presidential term after winning re-election last weekend, extending his rule into a third decade
Simsek's appointment as treasury and finance minister could set the stage for interest rate hikes in coming months, analysts said - a marked turnaround from Erdogan's longstanding policy ofAfter winning a runoff election last weekend, Erdogan, 69, who has ruled for more than two decades, began his new five-year term by calling on Turks to set aside differences and focus on the future.
The apparent U-turn on the economy comes as many analysts say the big emerging market is heading for turmoil given depleted foreign reserves, an expanding state-backed protected deposits scheme, and unchecked inflation expectations. "Simsek will likely have a strong mandate early in his tenure, but face rapidly increasing political headwinds to implement policies as March 2024 local elections draw near."
At the inauguration ceremony, attended by Hungarian Prime Minister Viktor Orban and Armenian Prime Minister Nikol Pashinyan, Erdogan struck a conciliatory tone.
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How Turkey's president Erdogan has maintained a tight grip on power in the countryTurkish President Recep Tayyip Erdogan takes the oath of office and starts his third presidential term Saturday following his latest election win. Erdogan prevailed in a runoff race last weekend despite a severely troubled economy and his government’s criticized response to a February earthquake that killed more than 50,000 people. The 69-year-old has led Turkey as prime minister or president for 20 years and already is the longest-serving leader in the Turkish republic’s history. His reelection to a five-year term extends his increasingly authoritarian rule into a third decade. Erdogan’s endurance amid a cost-of-living crisis might have resulted from people preferring stability over change as they struggle to pay for basic goods.
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Turkey's Erdogan to take oath, name new-look cabinetTayyip Erdogan was set to be sworn in as Turkey's president on Saturday after winning re-election last weekend and will later name his cabinet, which is expected to signal a change to his unorthodox economic programme.
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Turkey's Erdogan takes oath of office, ushering in his third presidential termTurkey’s longtime leader, Recep Tayyip Erdogan, has taken the oath of office, ushering in his third presidential term following three stints as prime minister. Erdogan won a new five-year term in a runoff presidential race last week that could stretch his 20-year rule, in the key NATO country that straddles Europe and Asia, into a quarter-century. He took the oath in a session in parliament before an inauguration ceremony to be attended by dozens of foreign dignitaries. The Turkish leader will announce his new Cabinet later on Saturday. The lineup should indicate whether there will be a continuation of unorthodox economic policies or a return to more conventional ones amid a cost-of-living crisis.
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Turkey’s Erdogan takes oath of office, ushering in his third presidential termTurkey’s longtime leader, Recep Tayyip Erdogan, took the oath of office on Saturday, ushering in his third presidential term that followed three stints as prime minister.
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Factbox: Turkey's new government: key figures in Erdogan's cabinetTurkish President Tayyip Erdogan named his government's new cabinet on Saturday, including new heads of the economy and foreign ministry, after extending his two-decade rule in an election in May.
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Turkish President Erdogan to be sworn in for his second term on June 3Türkiye’s President Recep Tayyip Erdogan will be sworn in on June 3, he will also announce the new Cabinet on June 3, Turkish communications director says
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