The demonstrators collide with the Turkish riot control police while using tear and water gas during a demonstration after the arrest of the Istanbul Mayor, in Ankara on March 21, 2025.
Adem Altan | AFP | Gety pictures
The Turkish authorities said on Monday that more than 1,100 people were arrested in protests worldwide in Türkiye since the demonstrations began on March 19.
What awaits them in Türkiye is not very certain, but analysts expect a long period of fluctuations for Turkish lira and foreign reserves that the country will need to keep in order to maintain it standing on its feet.
Central Bank officials spent $ 12 billion in foreign reserves last week to support the lira, I mentioned financial times As of March 21, after the currency reached the lowest level for more than 40 to the dollar. The markets initially decreased on the arrest news, and on Sunday, Türkiye banned the rules of re -sale and relaxation in an attempt to support the shares.
“The protests represent the most important widespread public reaction for more than a decade, making it difficult to predict the course of events,” Wolfango Piccoli, co -chair of TENEO Consulting Company, wrote in a memorandum issued on Monday.
“What is clear, even at this early stage, is that the political uncertainty has not yet ended,” he said. “Once again, President Erdogan’s political agenda caused severe damage to Türkiye’s economic expectations.”
It is widely considered the most powerful political competitor to Turkish President Recep Tayyip Erdogan. IMamoglu was arrested on charges of corruption just a few days ago who is expected to be nominated as a candidate for his party for the presidency. He and his supporters refuse the charges, saying they are politically driven.
Economists are concerned that the investor’s confidence is dealt with with a blow Returning from the last 21 months of work by financial leaders in Türkiye By returning to Orthodox monetary policy and circumventing the problem of fleeing inflation in the country.
Finance Minister Mohamed Simsik, who was appointed in June 2023, is now facing the implementation of emergency measures such as levels of spending from foreign exchange reserves to strengthen the sick lira, which holds his long -term economic stability plans.
“A large amount of foreign reserves, which were built over the past year, have been evacuated. “This is definitely a blow to the Simsek Economic Program. You save him from the spoon and throw it away by the shovel.”
“It is about to become a dictatorship”
Meanwhile, Erdogan’s broader campaign on opposition activity is intensifying. Since IMamoglu’s detention, Türkiye has imposed restrictions on traveling on Istanbul to reduce protests, close bridges and access to the Internet, and Turkish government media does not recognize protests in its coverage.
Arda Tunga, economist and independent consultant in Istanbul, told CNBC that the country is close to the point of no return.
“Türkiye is about to become a dictatorship. People’s reaction to what is going on since March 18 will determine the fate of the country’s future,” Tunga said. “No leader or democratic, or not, silences the will of people sooner or later.”
Erdogan led his role to the demonstrators, saying during the weekend that his government would not “surrender” to “sabotage” or “street terror” before more planned demonstrations, according to Reuters.
On Monday, the protests had turned into a “violent movement”, and pledged that the main opposition party in Turkey, the Republican People’s Party (CHP) – to which Imamuglu – will be held on the injured police officers, which the Ministry of Interior says more than 120.
Erdogan’s critics inside and outside Turkey have warned for years what they see as gradual erosion of democratic rights and standards under 71-year-old leader, who was in power for more than 20 years-first as prime minister from 2003 to 2014, then president from 2014 onwards.
“What has become increasingly clear is Erdogan’s willingness to direct Türkiye towards full tyranny, and to stay away from the authoritarian competitive model that described the country’s governance over the past decade,” Bicoli wrote in Tenio.
If the ruling Justice and Development Party (AKP) in Erdogan was “truly confident of its electoral hegemony, there will be no need to neutralize the Imamoglu prematurely,” noting that the presidential elections in Turkey were not until 2028. AKP may be betting that popular maturity arose from this point; But this step may also deter future political persons from becoming serious competitors to Erdogan for the presidency.
“IMamoglu’s trial extends to one political fate,” Bicoli wrote.
“It raises a basic question about Turkey’s political path: whether the country will continue to support even weak democratic standards or accelerate its segment to authoritarian rule.”
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