Ekrem Imamoglu
The Turkish lira plunged as much as 12% to 41 per USD before recovering slightly to trade above 38 per USD, still marking a new record low amid escalating political tensions.
The currency’s sharp decline follows the detention of Istanbul’s mayor, Ekrem Imamoglu—President Erdogan’s main rival—on allegations of fraud and terror, after authorities revoked his university diploma, potentially barring him from running in future elections.
The lira has been under pressure as the central bank continues its foreign exchange interventions while maintaining a cautious policy approach.
Policymakers implemented a 25bps rate cut in March, lowering the benchmark rate to 42.5% as expected.
Related Economic Data
World GDP (Nominal)
$111,326.37B
2024World GDP Growth
2.86 %
2024Economic Context
Global GDP Growth in 2.86 %
Latest available data
This analysis reflects economic conditions during a period of 2.86 % global GDP expansion.
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