Turkish lira hits record low as Istanbul mayor arrested
DAMASCUS, Syria (North Press) – The Turkish lira fell on Wednesday to a record low against the U.S. dollar, surpassing the 40-lira threshold for the first time ever.
The lira depreciated by 9.9 percent, with the exchange rate reaching 40.3541 per dollar, marking an unprecedented decline in the currency’s value.
In response to the market turmoil, trading was temporarily halted at the Istanbul Stock Exchange after its main index dropped by 6.87 percent.
The sharp decline comes amid heightened political tensions following the arrest of Istanbul Mayor Ekrem İmamoğlu on charges related to leading a criminal network involved in corruption and bribery.
İmamoğlu, who has served as Istanbul’s mayor since 2019, is considered a potential candidate for Turkey’s 2028 presidential elections.
Authorities in Istanbul have imposed a ban on protests and public gatherings until March 23, according to Turkish media citing official sources.
Meanwhile, internet users across Turkey have reported access issues, with restrictions affecting multiple social media platforms, including YouTube and TikTok.