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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KSE100 | 134,653.98 130.81M |
0.65% 871.63 |
ALLSHR | 84,156.41 323.02M |
0.65% 540.60 |
KSE30 | 40,887.45 66.37M |
0.51% 205.68 |
KMI30 | 193,364.05 57.12M |
0.90% 1723.17 |
KMIALLSHR | 56,254.41 162.18M |
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BKTi | 36,938.09 5.59M |
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OGTi | 28,334.77 2.02M |
0.54% 153.27 |
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BITCOIN FUTURES | 118,620.00 | 118,645.00 115,635.00 |
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BRENT CRUDE | 68.88 | 69.16 68.65 |
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CRUDE OIL - WTI | 66.87 | 67.13 66.64 |
0.30 0.45% |
SUGAR #11 WORLD | 16.26 | 16.56 16.22 |
-0.30 -1.81% |
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