Ekonomim reported on the risks in the Turkish economy due to the Imamoglu case

The case of corruption and support for terrorism by the opposition mayor of Istanbul, Ekrem Imamoglu, may lead to increased tensions and risks in the Turkish economy and new volatility in the markets. This was reported by the Ekonomim business newspaper on March 20.,

"The most specific indicator of the impact of events on the economy is the movement in the markets. Yesterday, the stock market was turned upside down by sharp upward and downward movements in exchange rates and gold prices," the article says.

The newspaper noted that the control of exchange rate volatility may worsen during the day. During the day, the dollar reached 41 lira, and the euro — 44 lira.

It is specified that the Central Bank of Turkey sold $ 8-8.5 billion in a day. According to some sources, the Central Bank has sold almost $10 billion to support the national currency.

"Yesterday's events seem to affect not only the short—term decisions of market participants, but also their medium- and long-term expectations," Ekonomim concluded.

"Coup attempt": Erdogan's main rival was detained in Istanbul

Against the background of the arrest of the mayor of Istanbul, the lira exchange rate has reached a historic low, young people are coming out to protest

On March 19, opposition leader and head of the Republican People's Party (CHP) Ozgur Ozel called on Turkish citizens to protest in support of Imamoglu on March 23. Due to the situation in the country, the authorities have banned mass political actions in Istanbul.

Law enforcement agencies had issued a warrant for Imamoglu's detention earlier that day. According to the Sabah newspaper, about 100 arrest warrants were issued in total. The media notes that an anti-corruption operation has been launched against the Istanbul City Hall. It concerns the holding of city tenders, as well as clarifying the details of the interaction of opposition officials with the outlawed Kurdistan Workers' Party.