Arrest of Istanbul Mayor causes economic turmoil in Turkey. Learn about the impact on Lira value and stock market. Political tensions rise.
The arrest of Ekrem Imamoglu, the mayor of Istanbul, caused a 10% decline in the value of the Turkish Lira against the Dollar and a 7% decrease in the country’s stock market index. Following the news of Imamoglu’s arrest on charges of financial corruption and ties to terrorist groups, Turkey’s BIST 100 index dropped by 6.9% and the value of the Turkish Lira against the Dollar reached 40,575. The Republican People’s Party (CHP), of which Imamoglu is a prominent figure, has labeled this action as a ‘coup against the future president’. His arrest has escalated political tensions in Turkey and could have significant implications for the country’s political future.
