Turkey's President Erdogan announces snap election in June

President Recep Tayyip Erdoğan

President Recep Tayyip Erdoğan

Deputy Prime Minister Bekir Bozdag on Wednesday said Turkey will enter a "new era" with the implementation of the presidential system after early elections planned on June 24.

His statement came after a meeting with the Nationalist Movement Party (MHP) leader Devlet Bahceli who called on the government to hold early elections on Tuesday.

He prompted the 2002 snap polls that brought Erdogan's Justice and Development Party (AKP) to power.

Erdogan, who has long said that the elections would be held as scheduled, is meeting with Bahceli on Wednesday.

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The main Turkey opposition party called for an end to it, insisting that a vote could not be held under emergency rule.

The minister said that China was one of many Asian countries from which Turkey hoped to attract more tourists, including India, Japan, Malaysia, and Indonesia.

There have not been any changes to the election threshold under the new system, as political parties need to secure at least 10 percent in elections to win seats in parliament. In April of past year, 51% of Turks voted in favor of the referendum that abolished the parliamentary system and could allow Erdogan to stay in power for another decade. "The country needs to be brought out of the emergency rule regime starting today", Republican People's Party (CHP) spokesman Bulent Tezcan said.

Media outlets have been shut down and scores of journalists have also been jailed. The law grants the High Electoral Board the authority to merge electoral districts and move ballot boxes to other districts.

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Turkey's lira currency firmed slightly against the dollar, and was at 4.0602 at 1314 GMT.

Markets, seemingly assessing that a freshly elected government will have the mandate to effectively deal with the evolving economic malaise, were lifted by the announcement of early elections, first called for by MHP leader Devlet Bahceli.

"A continued depreciation of the currency would likely negatively impact voter behavior and may jeopardize Erdogan's plans for victory", said Paul Greer, a portfolio manager at Fidelity International in London.

"We discussed [Bahceli's] proposal, we agreed on the need for early elections".

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