2023-06-03 03:15:00
3.06.2023 05:15
(Akt. 3.06.2023 05:20)
Erdogan won the runoff
©APA/AFP
Re-elected Turkish President Recep Tayyip Erdogan will be sworn in on Saturday. The 69-year-old is to receive his certificate of appointment in Parliament in Ankara this followingnoon. The new cabinet will then be announced in the evening. Erdogan prevailed in a runoff election on Sunday with a good 52 percent of the vote. Two weeks earlier, his AK party and its partners had already won a majority in the parliamentary elections.
The election was considered unfair because of the AKP’s and Erdogan’s control over state resources and the country’s media. The decision on the occupation of the Ministry of Finance is awaited with great excitement. Inflation in Turkey is currently at 44 percent. Experts blame Erdogan’s interest rate policy for this. The lira had lost value following his re-election. The former economics minister and former deputy prime minister Mehmet Simsek is being traded as a candidate.
With his decisions, the president must give the impression that he wants to seriously tackle the problem of the lira and inflation, said Ulrich Kater, chief economist at DekaBank. “Turkey is slowly running out of foreign exchange. This increases the risk that the lira will go into free fall.”
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