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Roula Khalaf, Editor of the FT, highlights her favorite stories in this weekly newsletter.
Turkey Cracks Down on Opposition
On Thursday, Turkey’s government intensified its repression of the opposition by detaining 37 individuals for their posts on social media regarding the arrest of Istanbul’s notable mayor, an event that has triggered nationwide unrest.
Searching for More Suspects
The authorities reported that they are pursuing an additional 224 suspects as President Recep Tayyip Erdoğan takes measures to suppress dissent following the arrest of Ekrem İmamoğlu, who was expected to be the top opposition candidate for the presidency this upcoming weekend.
Restrictions on Demonstrations
Demonstrations in Istanbul have been banned for the remainder of the week, and the government has restricted access to various social media platforms and decreased internet speeds, according to reports from online monitoring groups.
Court Actions and Accusations
A court has taken control of İmamoğlu’s family’s construction company as part of an inquiry by the police’s financial crimes unit. State media indicated that the mayor was apprehended in relation to a separate investigation regarding supposed terrorism connections.
Opposition Responses
İmamoğlu has accused the government of manipulating the judiciary to maintain power, and his coalition, the Republican People’s Party (CHP), labeled his arrest as “a coup against the next president.” An acting mayor has been appointed from within the CHP to replace İmamoğlu temporarily.
Public Outcry
Main opposition leader Özgür Özel urged İmamoğlu’s supporters to march in protest until he is released, declaring, “We will not remain silent while our elected representative remains imprisoned.” Erdoğan, in his first remarks regarding the incident, dismissed the unrest as exaggerated and hypocritical.
Market Reactions and Future Outlook
The Turkish lira and the BIST 100 index showed some recovery after the central bank intervened to stabilize the currency, raising the overnight lending rate. Despite the political turmoil, many investors are hopeful that more orthodox monetary policies will be maintained, particularly as İmamoğlu is considered a strong contender against Erdoğan in potential future elections.
