The lira was set for a 4% weekly slump despite aggressive action from Turkey's central bank in recent days while the latest selloff in stocks triggered two market-wide circuit breakers on Borsa Istanbul, Economic Times reported.
The move against Istanbul mayor Ekrem Imamoglu was called a coup attempt by the opposition and appears to cap a months-long legal crackdown on opposition figures which has been condemned as a politicized attempt to silence dissent.
Turkey's lira, stocks and bonds have suffered since Wednesday when authorities detained Imamoglu, seen as Erdogan's main political rival. Protests erupted and thousands marched nationwide.
MA/PR
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