The decision follows consultations between Erdogan and political ally Devlet Bahceli, leader of the Nationalist Movement Party.
In an early election announced in the backdrop of an ongoing state of emergency and a declining lira, as well as shifting of worldwide alliances and increasing involvement of the state involvement in Syria, Turkish voters are expected to vote in the coming June this year. It should be submitted as a motion to parliament. Some 160,000 people have been detained and a similar number of civil servants dismissed since the failed putsch, it said.
"The snap elections put the newly established IYI Party, a credible competitor on the center-right, in limbo, as it is likely that they could be legally excluded from the elections because they were established less than six months prior to the now scheduled election date", Magdalena Kirchner, a fellow at the Istanbul Policy Center in Turkey, told Newsweek.
Erdogan said he wanted to hasten the move to a new presidential system agreed in the April 16, 2017 referendum which will see the office of prime minister eradicated and a new vertical power structure established under the presidency. "We came to the agreement that we should approach this early election positively".
"Although the president and government are working in harmony as much as possible, the diseases of the old system confront us at our every step", Erdogan said in a televised address.
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Erdogan said: "Switching to a new system of government has increasingly gained urgency so that decisions regarding our country's future can be made and implemented with greater strength".
The Turkish lira, which has lost seven percent against the dollar over the past year, responded positively to the news, climbing 1.1 percent with investors gladdened over the end of uncertainty over the poll date. Erdogan, who has led the country for the past 15 years, would be able to run for two five-year terms in addition to his current term.
Bahceli's small MHP party is expected to form an alliance with Erdogan's ruling AK Party in the parliamentary election.
However, the call for a snap election was also motivated by concerns over the state of the country's economy. He prompted the 2002 snap polls that brought the AKP to power and the AKP has ruled Turkey ever since.