Turkish President Recep Tayyip Erdogan announced a new cabinet after a lavish inauguration ceremony on Saturday, marking the start of his third decade in office with appointments that should hint at a move towards orthodox economic policy and powerful diplomacy..

Erdogan's speech during the swearing in was marked by a more unifying tone, in contrast to much of his campaign.

“We will accept all 85 million people of Turkey regardless of their political views, roots or religion,” he said..

The inauguration was attended by heads of state, including Venezuelan President Nicolas Maduro, Azerbaijani President Ilham Aliyev, Pakistani Prime Minister Shehbaz Sharif and Armenian Prime Minister Nikol Pashinyan.

Also present was NATO Secretary General Jens Stoltenberg, who is reportedly in Turkey to pressure Ankara to allow Sweden to join the organization as soon as possible..

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Erdogan, whose re-election was backed by a hardline new right-wing coalition in the Turkish parliament, has repeatedly accused Sweden of harboring Kurdish militants hostile to the Turkish state..

In a recent interview with CNN, he said that Turkey "

Last week, the Turkish President won the elections in the second round with 52.18%, his rival Kemal Kilicdaroglu won 47.82%.

Cabinet reshuffles, as well as the return of respected economist Mehmet Simsek, are signs of a potential new direction for Erdogan's rule. His previous five years had been marked by more unorthodox economic policies..

The decision to replace Mevlut Cavusoglu's staff diplomat Hakan Fidan, longtime head of Turkey's National Intelligence Organization, as Minister of Foreign Affairs is likely indicative of future potential changes in the style of Turkey's foreign relations..

Fidan led MIT for 13 years and recently met in Moscow with his Russian, Iranian and Syrian counterparts on the conflict in Syria..

“He is my secret keeper, he is the keeper of state secrets,” Erdogan once said about Fidan.

Yasar Guller, former chief of staff of the armed forces, becomes Turkey's new defense minister. He succeeded Hulusi Akkara as minister, held it for a long time and led a series of wars and foreign interventions under the leadership of Erdogan.

Erdogan also replaced hardliner Interior Minister Suleiman Soylu, appointing Istanbul Governor Ali Yerlikaya in his place..

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Erdogan's decision to appoint Mehmet Simsek as finance minister was covered in domestic and professional media even before the announcement, and the move is expected to calm the markets as the Turkish lira hit a new low at the time of Erdogan's inauguration, trading around 21 per dollar..

Simsek's appointment, along with a potential new head of the Turkish central bank, provide tentative signs that Erdogan may be ready to give up some of his control over the central bank and also bet on taming inflation..

Some observers believe that while Shimshek's appointment is a positive development, the real test will be what policies the new cabinet will pursue..

Liam Peach of Capital Economics wrote that Simsek's cabinet appointment provides encouraging signs that President Erdogan will ease his economic policy..

“But there are still questions about whether politicians are going to start a full return to orthodoxy,” he said..

Prior to the introduction of the presidential system, Simsek served as Deputy Prime Minister of Erdogan, as well as Minister of Finance. He previously worked for Merrill Lynch for seven years, briefly at UBS on Wall Street, and as Chief Economist at the US Embassy in Ankara..

His departure from government also marked a clear departure from traditional economics.. Turkey has had four different central bank governors since 2018. During this period, the Turkish lira fell sharply, including losing more than half of its value against the dollar in just one year..

Soaring inflation came in tandem with the cost-of-living crisis that hit most Turkish citizens. Informal Inflation Research Group ENAG calculated annual inflation in Turkey at 105.19% with a noticeable increase in food prices.

Full composition of the new government of Turkey.

Vice President: Cevdet Yilmaz.

Minister of Justice: Yilmaz Tunc.

Minister of Family and Social Services: Mahinur Ozdemir Goktas.

Minister of Labor and Social Protection: Vedat Ishikhan.

Minister of Environment, Urbanization and Climate Change: Mehmet Ozaseki.

Foreign Minister: Hakan Fidan.

Minister of Energy and Natural Resources: Alparslan Bayraktar.

Minister of Youth and Sports: Osman Askin Bak.

Minister of Treasury and Finance: Mehmet Simsek.

Minister of Internal Affairs: Ali Yerlikaya.

Minister of Culture and Tourism: Mehmet Nuri Ersoy.

Minister of National Education: Yusuf Tekin.

Minister of National Defense: Yasar Guller.

Minister of Health: Fahrettin Koca.

Minister of Industry and Technology: Mehmet Fatih Cacir.

Minister of Agriculture and Forestry: Ibrahim Yumakli.

Trade Minister: Omer Bolat.

Minister of Transport and Infrastructure: Abdulkadir Uraloglu.