Turkish President Tayyip Erdogan was sworn in Monday with sweeping new powers.
Reuters reports he also appointed his son-in-law as Turkey’s finance minister in a new cabinet.
The lira dropped nearly 3 percent directly following the cabinet announcement.
Erdogan has led the country for fifeen years.
The leader said in May that he planned to take greater control of the economy after the June election.
“We, as Turkey and as the Turkish people, are making a new start here today.