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	150,975.48 442.00M	0.67% 1004.36
ALLSHR	92,750.10 1,078.15M	0.32% 297.35
KSE30	45,968.76 167.03M	0.69% 313.73
KMI30	216,413.28 173.49M	0.58% 1258.11
KMIALLSHR	61,990.25 510.08M	0.16% 98.72
BKTi	41,875.31 192.40M	0.74% 308.16
OGTi	30,482.67 13.96M	0.16% 48.74

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,990.00	112,410.00 107,790.00	3215.00 2.96%
BRENT CRUDE	68.84	69.53 68.05	0.69 1.01%
RICHARDS BAY COAL MONTHLY	89.50	89.50 89.50	-0.20 -0.22%
ROTTERDAM COAL MONTHLY	96.25	96.50 96.25	-0.20 -0.21%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	65.31	66.03 63.66	1.30 2.03%
SUGAR #11 WORLD	16.15	16.52 16.12	-0.22 -1.34%