The Turkish lira saw an all-time high depreciation on Wednesday against major currencies amid escalating political tensions following the early-morning detention of Istanbul Mayor Ekrem Imamoglu.
According to investing.com, the Turkish lira’s depreciation surpassed 12% after the market opened at 7:00 a.m., alongside a 7% drop in Istanbul stocks.
Commenting on these developments, Treasury and Finance Minister Mehmet Simsek stated on his X post that all necessary measures are being taken to ensure the healthy functioning of the markets. “Our ongoing economic program continues with steadfast determination,” he said.
