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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