Wed Mar 19 07:40:00 UTC 2025: ## Turkish Lira Plunges After İmamoğlu Arrest
**Istanbul, Turkey** – The Turkish lira experienced a sharp decline against major currencies following the detention of Istanbul Mayor Ekrem İmamoğlu and approximately 100 others. The currency plummeted over 10% in early morning trading, with the US dollar exceeding 41 lira and the euro reaching 45 lira – both record highs.
The BIST 100 stock index also suffered a significant 6.87% drop, triggering the Istanbul Stock Exchange’s circuit breaker system.
In response to the market turmoil, Turkey’s Treasury and Finance Minister Mehmet Şimşek issued a statement on social media, assuring the public that “everything necessary is being done for the healthy functioning of the markets” and reiterating the government’s commitment to its ongoing economic program. The statement did little to stem the immediate market reaction. The arrests and subsequent economic fallout are expected to further fuel political tensions in the country.
First Piper 