Erdogan gains power to appoint Turkey’s central bank governor | WHAT REALLY HAPPENED


Erdogan gains power to appoint Turkey’s central bank governor

Recep Tayyip Erdogan has gained the power to appoint the governor of Turkey’s central bank and hundreds of other senior officials, unnerving markets as the country’s new executive presidency comes into force.

The Turkish leader issued his first set of presidential decrees just hours after being sworn into office, triggering the transition to a muscular system of governance that Mr Erdogan has sought for years. The new model, which was narrowly approved by a contentious referendum last year, has abolished the role of prime minister and given unprecedented powers to the president.

Turkish stocks and bonds tumbled as investors fretted about the new system and Mr Erdogan’s decision to appoint his son-in-law Berat Albayrak to head the newly formed treasury and finance ministry while sidelining Mehmet Simsek and Naci Agbal, two market-friendly figures who held senior posts in the previous government.

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