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

MG News | March 20, 2025 at 09:48 AM GMT+05:00
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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ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
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BITCOIN FUTURES | 118,055.00 | 118,195.00 117,905.00 | 435.00 0.37% |
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RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
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USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 70.28 | 70.33 70.18 | 0.28 0.40% |
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