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News Link • Central Banks/Banking

Turkish Lira Tumbles As Erdogan Sworn In, Changes Central Bank Law

•, by Tyler Durden

Having fired 18,000 civil servants over the weekend, Erdogan is scheduled to take the oath of office at the Grand National Assembly in Ankara at 4:30 pm (1330 GMT), as Turkey completes its transition from a parliamentary model to an all-powerful presidency.

As DPA reports, the radical changes were approved by a razor-thin majority in an April 2017 constitutional referendum.

Erdogan will become both the head of state and government, with the prime minister's post abolished. He will have sweeping new powers, including over the judiciary and the ability to rule by decree.

On the campaign trail, the opposition repeatedly warned of "one-man rule," but Erdogan's motto was steadfast: "A great Turkey needs a strong leader."

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