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Head of state Erdoğan at his swearing-in ceremony in the Turkish capital Ankara

Photo: Umit Bektas / REUTERS

In Turkey, President Recep Tayyip Erdoğan, who has been in power for 20 years, has been sworn in for another term after his recent election victory. He swears by his honor to protect the existence and independence of the state from the great Turkish nation and history, Erdoğan said at the ceremony in parliament in Ankara, which was broadcast live on television on Saturday.

The 69-year-old, who had lagged behind in the polls, had won 52.2 percent of the vote in last weekend's run-off election.

New cabinet to be announced immediately

His five-year term in office will allow Erdoğan to continue his increasingly authoritarian policies. This has polarized the country, but strengthened Turkey's position as a regional military power.

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After the swearing-in ceremony in parliament, a ceremony is planned at the presidential palace with high-ranking representatives from 78 countries and international organizations – including NATO Secretary General Jens Stoltenberg, Venezuelan President Nicolás Maduro and Hungary's Prime Minister Viktor Orbán.

Erdoğan is also expected to appoint his new ministerial team on Saturday. It is eagerly awaited whether he will include former Finance Minister Mehmet Şimşek in his cabinet. He is highly regarded on the financial markets and is considered a representative of the generally applicable rules of economic and financial policy.

Weak lira continues to put pressure on Erdoğan

If Şimşek is part of the future government, this could mean a departure from the economic course, which has so far been rather unusual in Turkey and does not meet general standards. For example, despite extremely high inflation, the central bank had lowered interest rates instead of raising them in the fight against inflation. Behind it is Erdoğan, who describes himself as an "enemy of interest rates" and wants to boost the economy with cheap money. As a result, the national currency, the lira, depreciated drastically, which in turn exacerbates the inflation problem. Turkey has to import a lot of goods and raw materials, which are becoming more expensive due to the weak lira. Experts have warned that if the current policy continues, the economy is heading for turbulence as its foreign exchange reserves are depleted.

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