The impact of Imamoglu’s arrest on the value of the Turkish national currency: Around 100 people, including a number of journalists and businessmen, have been arrested along with the mayor of Istanbul on charges of corruption in municipal tenders. (Time of arrest, Wednesday, March 10)
Meanwhile, there has been a sharp decline in the value of the Turkish lira and a temporary halt to trading on the Istanbul Stock Exchange.
Restricting access to social media and banning gatherings were other measures taken by the Erdogan government today.
The arrest of Ekrem Imamoglu, the popular mayor of Istanbul, is a very important and influential event in the current era.
Imamoglu’s arrest could have a significant impact on Turkish’s political landscape. He was considered a key rival of current Turkish President Recep Tayyip Erdogan.
Impact on the economy
The devaluation of the Turkish lira and the suspension of trading on the stock exchange indicate investor concern about the political and economic situation in Turkish.
