Turkey burns through towards $30bn in reserves after detaining Imamoglu

Turkey burns through towards $30bn in reserves after detaining Imamoglu

The Turkish central bank’s net FX position excluding off-balance sheet derivative items is estimated to have deteriorated by about $26bn since ...

Turkey Opposition Slams Central Bank Over Turmoil Intervention

Turkey’s main opposition party accused the central bank of providing cover for the government in helping to manage the financial fallout from last week’s detention of the mayor of Istanbul.

Protests against Imamoglu's arrest are pinching Turkey's economy hard

The backlash from protests has rattled markets. The value of the Turkish lira has depreciated against the US dollar. Sovereign bond rates have fallen, and foreign investors are spooked. The Turkish stock market has seen one of its worst days in recent years

Imamoglu's arrest triggers emergency market measures as Turkey stocks plunge

The Turkish lira and equities have fallen sharply since the arrest last week of Istanbul Mayor Ekrem Imamoglu — a key rival to President Recep Tayyip Erdogan — on corruption charges, which he denies.

It is a déjà-vu with a system: as soon as the Turkish economy gains confidence, President Erdogan is responsible for the next setback. This time with the arrest of his strongest opponent.

The collapse of the lyre, the stock market, the price instability, the increase in credit... all that Recep Tayyip Erdogan's re-election in 2023 has tried to...