{"id":662785,"date":"2025-03-23T00:00:00","date_gmt":"2025-03-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/arrest-of-main-erdogan-challenger-shakes-the-try-borsa-istanbul-100\/"},"modified":"2025-03-23T00:00:00","modified_gmt":"2025-03-23T00:00:00","slug":"arrest-of-main-erdogan-challenger-shakes-the-try-borsa-istanbul-100","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/arrest-of-main-erdogan-challenger-shakes-the-try-borsa-istanbul-100\/","title":{"rendered":"Arrest of main Erdogan challenger shakes the TRY, Borsa Istanbul 100"},"content":{"rendered":"

The future of<\/strong> the Turkish economy is back on the financial press\u2019 front pages <\/strong>following the political upheaval spurred on by Turkish authorities\u2019 arrest of Istanbul Mayor Ekrem Imamoglu \u2014 and Turkish President Recep Tayyip Erdogan\u2019s most prominent rival \u2014 early on Wednesday morning. While the Turkish government is scrambling to contain both the economic damage and protests on the streets, the events have brought the question of Turkish economic stability back in the spotlight after a brief period of relative stability.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Turkey\u2019s central bank tore through a record USD 11.5 bn on the day of the arrest to try to <\/strong>stabilize the TRY<\/strong>, the Financial Times<\/a> reported, citing an informed insider. The unprecedented move \u2014 4x larger than previous pushes to support the TRY \u2014 followed the currency falling by double digits against the greenback during trading following the arrest, pushing it to earn the unenviable title of the world\u2019s worst-performing currency for the day.<\/p>\n

But after falling up to over 12%, the national currency <\/strong>pared<\/strong> back losses to end the day <\/strong>4.8% down<\/strong>, which was followed by a continued recovery during the next two days that supported an emergency interest rate increase on Thursday to persuade Turkish savers to not turn their hard-earned earnings into USD. The TRY finished the week 2.6% down.<\/p>\n

However, the <\/strong>country\u2019s<\/strong> benchmark Borsa Istanbul 100 is yet to see a recovery<\/strong>, falling 16.3% in the three trading days following Imamoglu\u2019s arrest, which includes a 7.8% drop on the last day the markets were open. The index\u2019s worst week since 2008 led to USD 30 bn in value being wiped from the market. Government debt also felt the squeeze with ten-year bond yields up over 200 basis points.<\/p>\n

Foreign investors, who had begun returning to Turkey following recent economic <\/strong>reforms, are rattled. <\/strong>The arrest is a \u201creminder that President Erdogan intends to tighten his grip on power even more,\u201d In Touch Capital Markers analyst Piotr Matys told Bloomberg<\/a>. Investors fear growing government intervention and capital flight could derail Finance Minister Mehmet Simsek\u2019s efforts to restore economic stability by unwinding years of unorthodox economic policies \u2014 also known as Erdonomics.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

31,678<\/p>\n<\/td>\n

\n

+1.1% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE) <\/strong><\/p>\n<\/td>\n

\n

Buy 50.50<\/p>\n<\/td>\n

\n

Sell 50.63<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 50.52<\/p>\n<\/td>\n

\n

Sell 50.62<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul <\/strong><\/p>\n<\/td>\n

\n

11,760<\/p>\n<\/td>\n

\n

+0.4% (YTD: -2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9368<\/p>\n<\/td>\n

\n

0.00% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5100<\/p>\n<\/td>\n

\n

-0.6% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5668<\/p>\n<\/td>\n

\n

+0.1% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

8647<\/p>\n<\/td>\n

\n

-0.6% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5424<\/p>\n<\/td>\n

\n

-0.5% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 72.16<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.98<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 3,021.40<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 83,960<\/p>\n<\/td>\n

\n

-0.3% (YTD: -10.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.1% at Thursday\u2019s close<\/strong> on turnover of EGP 3.7 bn (3.9% above the 90-day average). International investors were the sole net sellers. The index is up 6.5% YTD.<\/p>\n

In the green: <\/strong>GB Corp (+8.2%), Eastern Company (+6.5%), and Madinet Masr (+2.8%).<\/p>\n

In the red: <\/strong>Egypt Aluminum (-4.0%), Juhayna (-3.7%), and Rameda (-3.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Turkey\u2019s central bank tore through a record USD 11.5 bn on the day of the arrest to try to stabilize the TRY<\/p>\n","protected":false},"author":1,"featured_media":662786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[102,72,119,122,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-662785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"f4568233-4c27-45f4-a0c8-9176ed9d13d3","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/1770.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Arrest of main Erdogan challenger shakes the TRY, Borsa Istanbul 100","related_issue":[662761],"teaser":"Turkey\u2019s central bank tore through a record USD 11.5 bn on the day of the arrest to try to stabilize the TRY","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.c45fee46-a2ae-4e46-9a2b-58dbd6dde58c.mp3"},"yoast_head":"\nArrest of main Erdogan challenger shakes the TRY, Borsa Istanbul 100 - 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The decision came\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638675,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/11\/us-turkey-spat-over-consular-staffer-arrest-takes-another-turn-for-the-worst\/","url_meta":{"origin":662785,"position":1},"title":"US-Turkey spat over consular staffer arrest takes another turn for the worst","author":"enterpriseam admin","date":"11 October 2017","format":false,"excerpt":"The spat between the US and Turkey took another turn for the worst yesterday when the State Department defended its Ankara ambassador John Bass\u2019 decision to suspend non-immigrant visa services for Turkish nationals, Bloomberg reports. 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