Politics
Turkey has plunged into troubles while Furious Row bursts from the arrest of Recep Tayyip Erdogan Rival before the elections
The Turkish LIRA fell to a record hollow compared to the dollar while the country's reference index fell up to seven% after the surprise arrest of the mayor of Istanbul Ekrem Imamoglu.
The figure of popular opposition and his rival by President Recep Tayyip Erdogan were detained for charges he denies, sending shock via the financial markets of Turkey.
The LIRA was exchanging as low as 40.96 for the US dollar, according to Refinitiv data, before recovering slightly at 38.74 in the early afternoon in Istanbul.
The greenback has increased by 5.53% against Turkish currency, which has long been under pressure.
The figure of popular opposition and his rival to President Recep Tayyip Erdogan were detained for charges he denies
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The Bist 100 stock market index managed to reduce certain losses after falling until seven% earlier in the morning.
The Imamoglu, which won the most populous city mayor in Turkey in April 2023, was arrested for accusations such as terrorism and organized crime, according to the Anadoli state media.
The Office of the Chief Prosecutor of Istanbul also published mandates for 100 other people in the Political Party of Imamoglu.
The 53 -year -old mayor was widely considered as the next candidate of the opposition party to the Turkish presidency.
The Republican People's Party (CHP) of Imamoglu, the main Turkish opposition party, was to hold a primary election on March 23.
Latest developments:
He was to emerge as a candidate for the group's presidential election to challenge President Erdogan
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He was to emerge as a presidential candidate of the group to challenge President Erdogan.
In a press release, the CHP categorically rejected the charges against Imamoglu, qualifying the move of coup.
“Make decisions on behalf of the people, using strength to replace people's will or for obstruction is a coup,” wrote the president of the CHP, Ozgur Ozel, on the social media platform.
“We are faced with an attempted coup against our next president.”
Imamoglu published a video on X with legend: “The will of the people is a blow.”
Access to many social media sites in Türkiye has been reduced, according to the Internet Netblocks surveillance site.
Live metrics showed restrictions on X, Youtube, Instagram and Tiktok after the mayor's arrest.
The Turkish LIRA fell to a record level compared to the dollar
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The criticism of the arrest was rapid, many noting the timing just before the expected appointment of Imamoglu.
“This is an artificial attempt to manipulate politics,” CNBC Selcuki, director of the search for consulting firms Istanbul, told CNBC.
“Once again, it is Erdogan and his re -election,” wrote Wolfango Piccoli at the consulting firm Teneo Intelligence in an analysis note.
“Recent opinion polls have constantly shown that Imamoglu would beat Erdogan in a presidential election,” noted Piccoli's report.
The analysis suggested that Erdogan feels embarrassing by the growing importance of Turkey for European security and the return of the President of US President Donald Trump.
This apparently gave him confidence to “neutralize his domestic opponents” in the midst of what criticism describes as an “increased climate of fear” in Türkiye.
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