Recep Tayyip Erdogan was sworn in on Monday for a five-year term under a new Constitution that gives Turkey’s president sweeping executive powers.
Tayyip Erdogan named his son-in-law as economy czar in a new administration and removed the last member of an investor-friendly financial team that’s been gradually pushed to the sidelines. The lira plunged the most since a failed coup in 2016.
In the first presidential decree of the new system, the number of ministers in the cabinet was reduced from 25 to 16, with seven of them subsumed into related ministries.
The first cabinet meeting under the new government will convene Friday.
