The Turkish lira fell significantly and recorded in the latest transactions of 42 pounds for the dollar today, Wednesday, after the authorities arrested the mayor of Istanbul, Akram Imamoglu on charges of “corruption and assistance of a terrorist group.”
The lira fell standard to the level of 41 pounds against the dollar before it improved to 38.47 pounds in the latest transactions.
The level of closing the Turkish currency yesterday, Tuesday, recorded 36.67 pounds for the dollar.
For its part, the Istanbul Stock Exchange announced the interruption of trading temporarily after the main index decreased 6.87% in early transactions, and the trading separator mechanism was activated at the market level.
The sovereign bonds decreased for ten years, which led to a rise in their returns by 175 basis points to 29.94%.
Ihsanoglu’s arrest comes after years of legal battles against him, and Ihsanoglu faces multiple lawsuits, which may lead to a prison sentence for more than 7 years and prevent him from taking over public positions.
