Turkey's President Appoints Son-In-Law Finance Minister

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Turkey's Recep Tayyip Erdogan ushered in the new, executive presidential system he had long campaigned for by putting his son-in-law in charge of the economy and promising greater overhaul of a country he has dominated for 15 years.

Hours after he was sworn in with sweeping new powers at a ceremony in the capital of Ankara, Erdogan named Berat Albayrak as the treasury and finance minister in his new cabinet.

The announcement - and the absence of familiar, market-friendly ministers from the cabinet - helped to send the lira sharply lower.