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Report: Turkey's Erdoğan granted sweeping economic powers

The Turkish Parliament on Jan. 16 granted President Recep Tayyip Erdoğan sweeping powers to take necessary measures if the country's financial stability is seen at risk, Bloomberg News reported.

Lawmakers also approved setting up the Financial Stability and Development Committee, pending the president's approval.

Erdoğan was given the authority to act beyond the powers of the committee, which will protect the country's financial stability and security under the supervision of the Treasury and Finance Ministry, according to the report.

Erdoğan claimed victory in the June 2018 presidential and parliamentary elections following Turkey's transition to a presidential system. He believes raising interest rates causes inflation.

In September 2018, Turkey unveiled an economic roadmap aimed at reining in inflation and restoring investor confidence investor confidence.