Erdogan says he won't let a peace deal hurt Turkish Cypriots

Sergei Bobylev  TASS

Investors have previously been anxious about the independence of the Central Bank of the Republic of Turkey, after President Recep Tayyip Erdogan said he wanted to take more responsibility in his country's monetary policy.

The presidents posed for official photos.

Crowds cheered Erdogan along his convoy's route as he made his way to the inauguration ceremony.

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

"I swear upon my honour before the great Turkish nation that I will work impartially to fulfil the duty I have taken on", Erdogan said in his oath.

Erdogan, who has transformed Turkey by allowing Islam to play a greater role in public life and boosting the country's global stature, will take his oath nearly two years after defeating a bloody attempted coup.

The new system, which dispenses with the office of prime minister, was agreed in a bitterly fought 2017 referendum narrowly won by the "Yes" camp. The issue is still polarising in Turkey.

The BIST 100 stock index fell 5.18 percent, recording its biggest one-day fall since a failed military coup attempt in July, 2016.

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Opponents say the move marks a lurch to authoritarianism, accusing Erdogan of eroding the secular institutions set up by modern Turkey's founder, Mustafa Kemal Ataturk, and driving it further from Western values of democracy and free speech.

"Based on the observation of facts, we conclude that all Turkish governments led or supervised by Erdogan in the past several years have been informed to one overarching goal: growth at all costs".

Marc Pierini, a former European Union ambassador to Turkey and visiting scholar at Carnegie Europe, said Erdogan's new powers effectively make him a "super-executive president".

After taking the oath of office in parliament on Monday, Mr Erdogan told guests at the presidential palace in the capital, Ankara, that Turkey was "making a new start".

The appointment of former chief of the General Staff of the Turkish Armed Forces Hulusi Akar to the post of Turkey's defense minister can be considered the first hint that Ankara doesn't intend to reckon with the NATO demand, since according to NATO standards, defense minister of a NATO member state should be a civilian.

Turkey is expected to adopt an increasingly nationalistic line in its foreign policy with the conservative and Islamic-leaning AKP and the nationalist MHP in parliament.

Turkey's president says he thinks the mindset of Greek Cypriots remains unchanged from when the latest effort to reunify ethnically divided Cyprus collapsed a year ago.

Erdogan has been in power for 15 years, first as prime minister, and then as president, from 2014.

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