Turkish Lira Hits Record Low Against Dollar

The exchange rate of the Turkish lira against the US dollar has decreased by more than 11%, reaching a record low. This decline coincides with the backdrop of the arrest of Istanbul's opposition mayor, Ekrem İmamoğlu, who faces allegations of corruption and supporting terrorism, as reported by Bloomberg.

It is noteworthy that one dollar was sold for 41.1 lira. The Borsa Istanbul 100 stock index also fell by 6.9%, leading to a suspension of trading in stocks.

Additionally, İmamoğlu, who was arrested as part of an anti-corruption investigation, was expected to be nominated as a presidential candidate from Turkey's Republican People's Party on Sunday.