Turkish lira falls 10%, stocks drop 7% after Imamoglu's arrest

MG News | March 20, 2025 at 09:48 AM GMT+05:00

0:00

March 20, 2025 (MLN): Turkey’s benchmark stock index, BIST 100, fell sharply by 6.9% following the detention of Istanbul Mayor Ekrem Imamoglu on charges including graft and aiding a terrorist group.

The Turkish lira fell as much as 10% against the U.S. dollar, exchanging hands at 40.57 at 07:46 GMT.

The move by Turkish authorities has drawn criticism from the main opposition party, which has labeled it a "coup attempt against the next president."

Imamoglu, a prominent member of the opposition Republican People’s Party (CHP), is widely regarded as a strong challenger to President Tayyip Erdogan.

He is seen as a significant figure on the national stage and a likely presidential candidate for the CHP in the forthcoming election, according to Investing.com

The arrest on Wednesday, along with accusations of leading a crime organization, bribery, and tender rigging, has intensified a political conflict that may have far-reaching implications for the country’s future.

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KSE100	166,291.78 429.75M	0.07% 118.04
ALLSHR	101,024.63 1,057.05M	-0.05% -53.60
KSE30	51,152.00 188.45M	0.01% 2.93
KMI30	243,023.03 120.62M	0.39% 951.60
KMIALLSHR	66,986.33 432.40M	-0.05% -36.36
BKTi	46,963.92 88.92M	-0.03% -15.96
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	123,345.00	123,695.00 121,950.00	990.00 0.81%
BRENT CRUDE	66.32	66.32 65.76	0.87 1.33%
RICHARDS BAY COAL MONTHLY	82.25	82.25 82.25	-1.15 -1.38%
ROTTERDAM COAL MONTHLY	90.50	90.50 90.50	-0.50 -0.55%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	62.62	62.62 62.05	0.89 1.44%
SUGAR #11 WORLD	16.59	16.74 16.57	-0.04 -0.24%