Erdogan has appointed the Finance Minister of Turkey, his son

It is reported that Melvut Cavusoglu, appointed to the post of Turkish Foreign Minister, the Interior Minister Suleyman Soylu, the Justice Minister Abdulhamit Gul and the Treasury and Finance Minister Berat Albayrak have filed an application on the refusal from the MP mandate.

Earlier, the government issued a decree adjusting Turkey's laws to the new presidential system that comes into effect with the elections. He said it did away with a "system that heavily cost our country through political, social and economic chaos".

Turkey's Tayyip Erdogan will fulfil a long-held ambition on Monday when he is sworn in as president with sweeping new powers over a country he has dominated and reshaped during his 15-year rule.

Mr Erdogan is now the country's most powerful leader since Ataturk: modern Turkey's secular founding father, who saw Turkey as part of the west.

A ceremony at the presidential palace that will follow later on Monday was scheduled to be attended by dozens of foreign leaders and dignitaries, including Russian Prime Minister Dmitry Medvedev, Venezuelan President Nicolas Maduro and Qatari Emir Sheikh Tamim bin Hamad Al Thani. Marc Pierini, a former European Union ambassador to Turkey and a visiting scholar at Carnegie Europe, said Erdogan's new powers would effectively make him a "super-executive president".

Erdogan is also expected to form his government on July 9, shortly after he takes the oath of office.

The executive system of government that began with Erdogan's swearing-in scraps Turkey's parliamentary governance structure and boosts the powers of the formerly ceremonial presidency.

Turkish Lira, #TRY, sinks as #Erdogan Names Son-in-Law as Economy Chief...

Following the approval of constitutional changes in an April 2017 referendum allowing the president to retain his/her party membership, that May Erdogan was restored as AK Party chairman by a vote at its third Extraordinary Congress.

Investors have previously been anxious about the independence of the Central Bank of the Republic of Turkey, after President Recep Tayyip Erdogan said he wanted to take more responsibility in his country's monetary policy.

The appointment of Albayrak, the husband of Erdogan's elder daughter Esra and formerly energy minister, came as a surprise, with no place for Mehmet Simsek, the former deputy prime minister for the economy trusted by markets.

The lira, which is down some 16 percent so far this year and has been battered by concern about Erdogan's drive for lower interest rates, firmed to 4.5160 against the dollar by 1016 GMT, its highest since mid-June.

The AKP failed to win a majority in legislative elections and will need support from its allies in the right-wing Nationalist Movement Party (MHP) which could push it into more hardline policies.

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