Turkey’s President Recep Tayyip Erdogan has appointed his son-in-law as the country’s finance minister in a cabinet dominated by loyalists.
Berat Albayrak had served as energy minister since 2015, and his new appointmeny as finance minister appeared to rattle the markets.
Albayrak, 40, holds an MBA in financial management from Pace University in New York. He married Erdogan’s daughter in 2004.
Erdogan’s opponents fear that his new role as executive president will destroy Turkish democracy.
After taking the oath of office in parliament on Monday for a new five- year term, Mr Erdogan told guests at the presidential palace in the capital, Ankara, that Turkey was “making a new start”.
Erdogan’s new position marks a transition away from a parliamentary system and the office of prime minister, which has been in place since the foundation of the modern Turkish republic 95 years ago.
It allows him to appoint ministers and vice-presidents and intervene in the legal system.
“We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos,” he said.
Erdogan won last month’s election with more than 50 percent of votes.