Turkey is experiencing widespread protests following the arrest of Istanbul Mayor Ekrem Imamoglu, a key political rival of President Recep Tayyip Erdogan. The move has intensified concerns about democratic backsliding and heightened economic instability, with the Turkish lira plunging to record lows.
Authorities have detained Imamoglu on charges of terrorism, organized crime, and corruption, allegations he rejects. His Republican People’s Party (CHP), Turkey’s main opposition party, has labeled the move a “coup” and called for nationwide demonstrations. Alongside Imamoglu, prosecutors have issued warrants for 100 others, including journalists and business leaders.
The Turkish markets reacted sharply, with the lira sinking to an all-time low against the US dollar. Reports indicate that Turkey’s central bank sold nearly $10 billion in foreign currency in an attempt to stabilize the economy. Investors fear further economic turbulence, particularly as inflation in Turkey remains high at 39.05% in February, with the central bank’s interest rate standing at 42.5%.
The government has imposed restrictions, including bans on protests, road closures, and social media censorship. Despite this, demonstrators have gathered across Istanbul and other cities, with some incidents turning violent. Authorities have detained over 1,400 individuals, including activists and journalists covering the unrest.
Analysts believe the arrest may have been politically motivated, given Imamoglu’s strong polling against Erdogan ahead of potential early elections, with one expert suggesting that Erdogan had received internal polling data showing Imamoglu leading, which may have influenced the decision to act preemptively.
Erdogan has denied allegations of political interference, stating that Turkey’s judiciary operates independently, and accused the opposition of inciting unrest, asserting that they are responsible for property damage and injuries sustained by security forces. He further stated that “those who spread terror in the streets have no destination.”
Meanwhile, CHP officials continue to rally support, with their leader, Ozgur Ozel, visiting Imamoglu in Silivri prison. He vowed to continue mobilizing supporters and announced plans for a large demonstration in Istanbul. Authorities have extended protest bans in Ankara and Izmir, with Istanbul’s restriction currently in effect until Thursday.
With investor confidence at risk and rising political tensions, Turkey faces an uncertain period as opposition groups push back against what they see as an erosion of democratic norms.
