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	155,777.21 362.16M	-0.86% -1354.88
ALLSHR	92,994.52 618.17M	-0.61% -572.34
KSE30	47,890.76 137.48M	-0.85% -412.22
KMI30	220,015.06 115.60M	-0.35% -783.45
KMIALLSHR	59,910.72 260.41M	-0.13% -77.81
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OGTi	30,631.34 29.10M	1.45% 438.24

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	73,455.00	74,120.00 67,615.00	4990.00 7.29%
BRENT CRUDE	81.54	84.48 80.30	0.14 0.17%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-17.10 -14.68%
ROTTERDAM COAL MONTHLY	121.50	124.00 121.25	-6.50 -5.08%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	74.94	77.23 73.28	0.38 0.51%
SUGAR #11 WORLD	13.76	14.07 13.71	-0.17 -1.22%