The Turkish Lira faced a sharp sell-off, dropping as much as 12% before recovering slightly to a 4.5% decline. The trigger? The detention of Istanbul’s mayor, Ekrem İmamoğlu, a key rival to President Erdogan. Investors have long been wary of Erdogan’s economic policies, especially with inflation soaring to 39%—previously reaching as high as 85%. With interest rates failing to keep up, confidence in the Turkish Lira continues to erode, pushing many toward alternative assets like crypto. What’s next for the Lira? A technical analysis suggests a potential rebound toward 40–41.
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