Turkish President Recep Tayyip Erdogan greets deputies during a meeting of the Grand National Assembly of Turkey in Ankara, Turkey on July 7, 2018.
The announcement - and the absence of familiar, market-friendly ministers from the cabinet - helped to send the lira sharply lower.
Erdogan referred to the principles of Mustafa Kemal Ataturk, the founder of the modern Turkish Republic.
Assuming the new executive presidency he has long fought to establish, Erdogan earlier took the oath of office in parliament before addressing global leaders gathered at the presidential palace in Ankara. Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.
TIGHTENING GRIP Since taking office in 2003, first as prime minister and later as president, Erdogan has dominated Turkey, tightening his grip over the country of 81 million people as he tamed rival power centres including the military, which toppled some previous governments.
Queen absent from christening of Prince Louis
Buckingham Palace said this decision was taken by the Queen, William and Kate "some time ago" and is not due to health reasons. The christening of Prince Louis will take place inside The Chapel Royal, a location with strong ties to the royal family.
Erdogan named Fuat Oktay, a former Turkish Airlines executive who studied in the United States, as vice president.
Mr Erdogan has said the powerful executive presidency is vital to driving economic growth and to ensure security after a failed 2016 military coup.
At the center of the quarrel is the president's demand for a greater say over monetary policy and his insistence - against economic orthodoxy - that interest rates need to be lowered to tamp down inflation that's more than triple the government's 5 percent target. "In other words, Turkey will be an institutionalized autocracy".
Among the dignitaries present at the ceremony were Venezuelan President Nicolas Maduro, Russian Prime Minister Dmitry Medvedev and Sudanese President Omar Hassan al-Bashir. The role of prime minister has also been eliminated, and the president will now be able to pick his own Cabinet.
No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests.
Earlier on Monday the lira briefly dropped more than 1 percent after a decree removed a clause stipulating a five-year term for the central bank governor.
BREXIT BREAKDOWN: UK Foreign Minister QUITS, Theresa May Facing REVOLT
Jeremy Hunt, who has been health secretary for the past six years, was a Remain campaigner in the 2016 European Union referendum. By inexorable process of law, Brexit is due to happen at the end of March and there is still no agreement on how it will happen.
In the aftermath of the 2016 coup, Turkey, a member of the North Atlantic Treaty Organisation military alliance and still nominally a candidate to join the European Union, has detained some 160,000 people, jailed journalists and shut down dozens of media outlets.
"When you scrap the five-year term you remove this shield", he said.
He won last month's election with 52.6 per cent of the vote, ushered in the executive presidency that ends parliamentary governance and boosts the powers of the formerly ceremonial presidency.
"We are now adopting a model that is way beyond our 150-year-old pursuit of democracy and our 95-year-long experience of a republic", Erdogan said.
Current Foreign Minister Mevlut Cavusoglu could, in theory, continue in his job but reports have said Erdogan may choose his spokesman, Ibrahim Kalin, or even spy chief Hakan Fidan to succeed him.
Croatian talisman Modric could make the difference against England
I was concentrating throughout the match, but after that penalty, it came bursting out of me". I really don't know. "They have a young, alive, attacking team". "We were lucky.