Volatility in Turkish assets declines after selloff due to detention of Istanbul mayor

Record ID: 1985639

  • Title: Volatility in Turkish assets declines after selloff due to detention of Istanbul mayor
  • Date: 24th March 2025
  • Summary: ISTANBUL, TURKEY (MARCH 24, 2025) (REUTERS) VARIOUS OF BILLBOARD SHOWING TURKISH LIRA'S EXCHANGE RATE AGAINST DIFFERENT CURRENCIES EXCHANGE RATE BUREAU WORKER TAKING OUT CASH AND PUTTING IN CURRENCY-COUNTING MACHINE MACHINE COUNTING MONEY WORKER TAKING OUT MONEY FROM DRAWER VARIOUS OF WORKER COUNTING MONEY VARIOUS OF CURRENCY-COUNTING MACHINE VARIOUS OF SPINN CONSULTING FO
  • Embargoed:
  • Keywords: ASSETS LIRA TURKEY VOLATILITY
  • Location: ISTANBUL, TURKEY
  • City: ISTANBUL, TURKEY
  • Country: Turkey
  • Topics: Europe,Currencies/Foreign Exchange Markets,Economic Events,Middle East
  • Reuters ID: LVA001124424032025RP1
  • Aspect Ratio: 16:9
  • Story Text: An early rally in Turkish stocks following last week's slump fizzled out on Monday (March 24) with tensions in the country running high after a court jailed Istanbul Mayor Ekrem Imamoglu pending a trial.
    The Borsa Istanbul benchmark index ended last week down 16.6%, its worst drop since the global financial crisis in October 2008.
    The index .XU100 was 0.8% lower on the day at 1126 GMT, having risen around 3% in early trading. The banking sub-index also reversed earlier gains to stand 1.26% lower, after falling more than 26% last week.
    Ozlem Derici Sengul, founding partner at Spinn Consulting, said the market had "somewhat shrugged off the last week's volatility," which she attributed to political turmoil due to Imamoglu's detention.
    "Political instability is the main risk factor in the eyes of foreign investors in Turkey," Sengul said, adding that investors had not expected political turmoil. "That's why the movement was so intense or harsh."
    "It (the lira's decline) affects all our lives. It affects our purchasing power," said Halil Aldemir, a farmer, after exiting an exchange office in central Istanbul.
    (Production: Ayhan Uyanik, Ali Kucukgocmen)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2025. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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