Turkish authorities have arrested Istanbul Mayor Ekrem Imamoglu on corruption charges, sparking widespread protests across major cities and deepening the political crisis in Turkey. Imamoglu, who had been scheduled to announce his presidential candidacy on Sunday, was detained earlier in the week and officially suspended from his mayoral position.
The arrest comes immediately after Turkish officials revoked Imamoglu’s university diploma, a credential required for seeking the nation’s highest office. While a court dismissed separate
terrorism-related charges, the corruption investigation will keep the opposition leader behind bars, potentially for years, effectively preventing him from challenging President Recep Tayyip Erdogan in future elections.
Responding to his arrest, Imamoglu remained defiant, declaring “All will be good” – echoing his successful campaign slogan from previous elections. He vowed to fight what he called a “black stain” on Turkish democracy, stating he would “never bow” to pressure.
The detention has ignited demonstrations in Istanbul, Ankara, and Izmir, though government officials accuse the opposition Republican People’s Party (CHP) of deliberately inciting chaos. The protests persist despite various restrictions, including limits on travel into Istanbul imposed by local authorities.
Imamoglu’s popularity has grown significantly since 2019, when he defeated Erdogan’s preferred candidate in local elections. His subsequent victory in 2024 dealt a significant blow to Erdogan’s AK Party, marking a historic win for the opposition CHP.
The political turmoil has severely impacted Turkish financial markets, with the lira falling to record lows and stock markets experiencing sharp declines. Despite state banks selling approximately $9 billion to stabilize markets and an emergency interest rate hike by the central bank, the financial situation remains precarious. Turkish market regulators have implemented a ban on short-selling in an attempt to contain the market’s descent.
The crisis comes at a time when Turkey had been showing signs of economic improvement under Finance Minister Mehmet Simsek, a former Merrill Lynch strategist who had raised interest rates to 50% – the highest during Erdogan’s two-decade rule. These measures had begun attracting foreign investment and showing promise in tackling inflation, which had reached 75% in May of the previous year.
President Erdogan appears unmoved by the protests, comparing them to the 2013 demonstrations that swept across Turkey. He dismissed the opposition’s calls for mass protests, stating that “street terror” no longer influences Turkish politics.
The situation has also sparked tension with social media platforms, as Turkish authorities demanded X ban over 700 accounts during the unrest. The platform rejected these demands, describing them as unlawful and affirming its commitment to defending free speech.
Erdogan’s position remains bolstered by Turkey’s strategic importance in global politics, maintaining strong relationships with both U.S. President Trump and Russian President Putin. Turkey’s expanding military influence and its role in regional conflicts from Ukraine to Syria have made it an increasingly significant player in international relations, particularly for the European Union concerned about potential U.S. disengagement.
The unfolding crisis represents a significant challenge to Turkey’s democratic institutions, with implications extending beyond domestic politics to international relations and economic stability. As protests continue and markets remain volatile, the country faces increasing uncertainty about its political and economic future.