ShafaqNews – Ankara
TheTurkish lira plunged past 40 to the dollar on Tuesday, rattled by growingpolitical instability and an intensifying crackdown on opposition leaders aheadof local elections.
Thecurrency fell to 40.17 in early trading, bringing year-to-date losses toroughly 11%. Investors cited political risk and eroding trust in the judiciaryas key drivers of the selloff, deepening concerns over Turkiye’s institutionalcredibility.
Overthe weekend, authorities arrested several opposition mayors from the RepublicanPeople’s Party (CHP) in southern provinces, including Adana, Adiyaman, andAntalya, under what officials described as corruption probes.
Marketsreacted swiftly. Turkish sovereign bonds maturing in 2045 dropped nearly onecent, credit default swaps rose 13 basis points to 292, and the Borsa IstanbulIndex (XU100) slid 1.2%, weighed down by banking and large-cap losses.
Tensionsescalated further after France condemned the arrests. The Turkish ForeignMinistry dismissed the criticism as foreign “interference,” insisting that“Turkiye, as a state governed by the rule of law, guarantees fair and impartialproceedings.”
Regarding the Statement of the French Ministry for Europe and Foreign Affairs on the Judicial Processes in Türkiye t.co/lkicCGzDaa pic.twitter.com/v64cs5SQMW
— Turkish MFA (@MFATurkiye) July 7, 2025Whilethe ministry defended the detentions as legally justified and overseen byindependent courts, it accused Paris of “a double standard,” referencingunnamed legal actions against French opposition figures and urging it to focuson its own domestic affairs.
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