Record Low for Turkish Lira: The Turkish currency lira fell to a record low of 42 against 1 dollar on Wednesday due to the ongoing protests in Turkey. However, it later recovered most of the day’s losses. The lira closed down 2.6% at 37.665 per dollar. This has also led to a decline in the bond and stock markets. The benchmark stock index (XU100) fell by about 9%. This is the biggest decline in four years.
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Record Low for Turkish Lira: Protests after Istanbul Mayor Taken Into Custody
Turkish authorities detained Istanbul Mayor Ekrem İmamoğlu, President Recep Tayyip Erdoğan’s main political rival, on March 19. He has been detained on several charges, including corruption and helping a terrorist group.
Main opposition Republican People’s Party (CHP) leader Ozgur Ozcel described the detention as an “attempted coup” and called on opposition parties to unite. Turkey is going through a coup against the next president, Ozcel said. Despite what has happened, the party will elect Imamoğlu as its leader on Sunday (March 23). The Turkish government, on the other hand, has completely rejected all the allegations of the opposition and said that the judiciary of the country is independent.
Record Low for Turkish Lira: Two charges filed, Ikram Imaamulu under investigation
- A total of 100 people, including journalists and businessmen, are suspected of being involved in criminal activities in some tenders issued by the municipality.
- Imamoğlu and six others are accused of helping the Kurdistan Workers’ Party (PKK), which Türkiye considers a terrorist organisation.
Imamoğlu is a popular and influential leader Imamoğlu is a popular and influential leader of the CHP. A few days later, the party was going to declare him as the party’s official candidate for the 2028 presidential election. Imamoğlu’s detention is a continuation of months-long legal action against opposition leaders across the country.
Critics say that this is being done to harm the electoral future of these leaders. Erdogan has been in power in Turkey for the last 22 years. The next election in Turkey is to be held in 2028 The next election in Turkey is to be held in 2028. Erdogan, who was the first prime minister, is completing his second term as president.
If he wants to contest elections again, he will have to hold elections soon before the completion of his term or else he will have to amend the Constitution. Erdogan suffered his worst electoral defeat last year. In the nationwide local body elections, Imamoglu’s CHP won in Turkey’s big cities and municipalities which were considered the stronghold of Erdogan’s ruling party- AK Party.
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