Turkey lira: Erdogan suffers huge defeat in Istanbul election – lira surges against dollar

TURKEY saw its lira strengthen overnight against the US dollar after President Recep Tayyip Erdoğan lost control of Istanbul in a re-run mayoral election.

The opposition Republican People’s Party (CHP) delivered a devastating result to President Erdogan by securing 54 percent of votes, a far wider victory margin than their win three months ago. The lira rallied to 5.7146 overnight after the outcome emerged. Gains in the currency cooled slightly by 10.27am BST, when the lira stood at 5.7571 against the American greenback. The decision to re-run the mayoral election was made after the previous result was annulled following protests from...
source: Express

2019-06-24 13:56
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