Posted 4/1/2024, 7:45:45 AM
Erdogan Loses Grip on Major Cities in Local Elections as Turkish Lira Hits Record Low
- Erdogan's ruling party lost control of many major cities in local elections, including Istanbul and Ankara
- The Turkish lira dropped 0.2% to a new record low against the dollar following the election results
- It was the first time Erdogan's party fell behind the main opposition party in local polls nationwide
- Investors had expressed concern that a loss could lead to changes in recent orthodox economic policies
- The central bank raised rates 500 basis points last month amid currency declines and rising inflation
