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The Turkish lira collapsed to a record low


March, 19 2025
watermark Economic news

The Turkish lira plunged to a historic low, and stocks on the stock exchange fell so much that trading was temporarily suspended. The yield on 10-year government securities jumped to 29.94%, which was the highest in a year, amid a massive asset sale following the arrest of President Erdogan's main political opponent. This event increased the political instability in the market.


The Borsa Istanbul 100 index fell by 6.9% at the opening, which caused an automatic trading halt. After the resumption of the session, the shares continued to decline, declining by another 4.6%. The USD/TRY pair broke the 41.10 mark, losing more than 12% of the value of the lira. By noon, the exchange rate had stabilized slightly below the 40 level, showing an increase of almost 7%.


The escalation of tension is linked to the detention of Istanbul Mayor Ekrem Imamoglu, a key rival of Erdogan, whose popularity has increased since winning the mayoral election. The authorities had previously revoked his education diploma, which could prevent him from participating in the presidential race. Imamoglu planned to become the official candidate of the opposition Republican People's Party in the presidential elections in the near future.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.