Istanbul Mayor's Arrest Sparks Market Reaction

Istanbul's mayor, Ekrem Imamoglu, a key opposition figure and potential presidential candidate against President Recep Tayyip Erdogan, has been detained by Turkish authorities amidst accusations of corruption, bribery, and aiding a terrorist organization. The arrest, following the revocation of his university diploma—a requirement for presidential candidacy—is seen as a politically motivated move to eliminate a prominent rival ahead of the Republican People’s Party's primary elections. The crackdown has sparked significant market reactions, with the Turkish lira and stock indices experiencing declines. Imamoglu's detention is part of a broader sweep involving around 100 others, highlighting Erdogan's tightening grip on power amidst economic struggles and authoritarian governance. The situation raises concerns about judicial independence and has led to a ban on protests, with roads around key areas in Istanbul being sealed. Imamoglu has denounced the charges as politically motivated and vowed to continue fighting for democratic rights.