After the sharp fluctuations in the foreign exchange market following the arrest of Istanbul Metropolitan Municipality (İBB) Mayor Ekrem İmamoğlu, a more stable trend is observed today.
Dollar and Euro Hit Record Highs Before Central Bank Intervention
On the day of İmamoğlu’s detention, the U.S. dollar surged to 41.64 TL, and the euro climbed to 44.88 TL, marking record highs against the Turkish lira. In response to this rapid depreciation, the Central Bank of Türkiye intervened by selling foreign currency, which helped stabilize the exchange rates.
As of today, the U.S. dollar is trading just below 38 TL, while the euro stands at approximately 41.70 TL.
Lira’s Depreciation Since the Start of 2025
Since the beginning of the year, the Turkish lira has lost 7.39% of its value against the U.S. dollar and 13.75% against the euro. The political developments surrounding İmamoğlu’s arrest have intensified concerns over economic stability, leading to increased market volatility.
Central Bank Takes New Measures to Curb Volatility
In an effort to further stabilize the exchange rates and ensure a healthy functioning of the forex market, the Central Bank of Türkiye has introduced Turkish lira-settled forward foreign exchange sale transactions. This move aims to prevent excessive volatility and balance foreign currency liquidity.
Economists and investors are closely monitoring the impact of these developments on Türkiye’s financial markets, as political uncertainties continue to play a key role in shaping economic trends.
Source: CNBC-e/ Prepared by: İlayda Gök