The Turkish lira recorded a new historic decline during Monday’s trading session, falling below 40 lira per U.S. dollar for the first time since the market turmoil in March. The drop comes in the wake of reports of renewed escalation against the country’s main opposition party over the weekend.
Turkish authorities have launched an investigation into the leader of the Republican People's Party (CHP) and arrested several additional mayors affiliated with the party. This legal escalation is expected to heighten investor concerns over risks to the rule of law and political stability.
According to the state-run Anadolu Agency, the Public Prosecutor’s Office initiated an investigation on Sunday evening against CHP leader Özgür Özel on charges of insulting the president and threatening public officials, following a speech in which he criticized the arrest of three opposition mayors.
