Erdogan Announces Early Elections in Turkey to Be Held in July

Recep Tayyip Erdogan, the President of Turkey, announced on Wednesday that the presidential and parliamentary elections will be held a year earlier than scheduled on June 24, corresponding to Tir 3 this year. Mr. Erdogan added that Turkey must quickly transition to a system where executive powers are in the hands of the president. According to Reuters, Mr. Erdogan made this announcement after discussions with Devlet Bahceli, the leader of the Nationalist Movement Party, who had suggested the possibility of early elections a day earlier. The presidential and parliamentary elections were previously scheduled for November 2019. In a speech broadcast live on television, he stated, "Although the president and the government are working in complete coordination, we face the ailments of the previous system at every step we take." He added, "Due to developments in Syria and other areas, it is essential to implement the new presidential system as soon as possible and to step forward with greater force regarding the country's future. We shared Mr. Bahceli's request with the relevant institutions and authorities. We agreed that our approach to early elections should be positive." Reuters adds that after this announcement, the value of the Turkish lira strengthened somewhat, rising to about 4.06 against the dollar around 1 PM GMT. The Turkish government had previously rejected the possibility of early elections. Mr. Erdogan narrowly won a referendum last year to change the constitution and grant more powers to the presidency. However, the increase in presidential powers will not be implemented before the next elections. The small Nationalist Movement Party, led by Devlet Bahceli, is expected to form an alliance with Erdogan's Justice and Development Party in the upcoming parliamentary elections. Some investors have considered the possibility of early elections for some time due to concerns about the government's ability to maintain Turkey's economic growth rate, which was about 7.3 percent in the last quarter of the previous year.