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Investing.com -- Turkey’s financial markets weakened on Monday following the weekend detentions of opposition mayors, which raised concerns about political stability in the country.
The Turkish lira declined approximately 0.4% against the dollar, crossing the 40 threshold before recovering slightly to trade at 40.00 at 1145 GMT, still lower than Friday’s closing level.
Istanbul’s benchmark BIST 100 index fell 1.25% at 1145 GMT.
The market reaction followed the detention of mayors from the southern cities of Adana, Adiyaman, and Antalya as part of what prosecutors describe as anti-corruption investigations. These detentions expanded a months-long legal crackdown that began in Istanbul.
The opposition Republic People’s Party (CHP) and some foreign leaders view these actions as an attempt by President Tayyip Erdogan to weaken the opposition party.
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