Istanbul's mayor detention sparks record drop in Turkish lira

The Turkish lira fell by 12% to an all-time low of 42 lira per US dollar following the arrest. The move has heightened concerns about the rule of law in Türkiye, the largest emerging market economy and a NATO member, which Erdoğan has ruled for 22 years.

Although the authorities temporarily banned protests and police blocked some city streets, around 100 people gathered outside the police station where İmamoğlu was taken, chanting:
"The day will come when the AKP is called to account."

Larger protests are planned, as the government intends to remove several elected opposition mayors and imprison the leader of the nationalist opposition party. Reports have also emerged of clashes between protesters and police.

At 54 years old, İmamoğlu, who leads Erdoğan in some opinion polls, was expected to be officially named the presidential candidate of the Republican People's Party (CHP).

CHP leader Özgür Özel called for opposition unity and confirmed that his party would nominate İmamoğlu as its presidential candidate regardless of the circumstances.

"Türkiye is going through a coup against the next President. We are facing a coup attempt here," Özel declared.

Last year, Erdoğan suffered his biggest electoral defeat in municipal elections when İmamoğlu’s party won Türkiye’s largest cities, dealing a major blow to Erdoğan’s ruling Justice and Development Party (AKP) in its former strongholds.

Turkish authorities arrested Istanbul Mayor Ekrem İmamoğlu, Erdoğan’s top challenger, on corruption and terrorism-related charges.