Tayyip Erdogan sworn in as Turkey's first executive president

President Erdogan who kept his seat in the June 24 twin elections is expected to be sworn in on Monday

Erdogan, who has transformed Turkey in 15 years of rule by allowing Islam a greater role in public life and boosting its worldwide stature, took his oath in parliament for a five-year term after his June election victory.

"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. Armed forces chief of staff Hulusi Akar was named defence minister. Foreign Minister Mevlut Cavusoglu remained in his post.

He 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.

"We are embarking on this road by using this opportunity as best we can for a strong parliament, strong government and strong Turkey", he said.

The post of prime minister has been scrapped and the president will be able to select a cabinet, regulate ministries and remove civil servants, all without parliamentary approval. Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.

After taking the oath, Erdogan plans to visit the mausoleum of Mustafa Kemal Ataturk, the founder of the modern, secular, Turkish Republic.

"In the new era, Turkey will improve in every field, including democracy, fundamental rights, freedoms, economy and large investments", Erdogan said in his speech at the presidential palace in the capital, Ankara.

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Speaking at his sprawling presidential compound in Ankara, Erdogan unveiled the rebranded presidency "on this most important day of our country".

"Most powers will be concentrated in his hands, there will no longer be a prime minister, and nearly none of the checks and balances of liberal democracies will be present. In other words, Turkey will be an institutionalized autocracy".

Erdogan narrowly won a referendum previous year to replace his country'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. The only European Union leaders are set to be Bulgarian President Rumen Radev and Hungary's strongman Prime Minister Viktor Orban. North Atlantic Treaty Organisation member Turkey's relations with its Western allies have been strained by disputes with the United States over military strategy in Syria and by European Union criticism of Ankara's large-scale purges of state institutions, armed forces, police and media following the failed coup.

The new government faces immediate economic challenges.

Last month Mr Erdogan was re-elected with 53% of the vote.

The markets will keep a close eye on economic appointments, keen to see a steady hand at the helm in a fast-growing economy dogged by double-digit inflation and a widening current account deficit. The lira, which gained more than 1 percent earlier on Monday to 4.51 against the dollar, briefly fell back sharply after a government decree removed a clause stipulating a five-year term for the central bank governor.

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