Turkish lira buoyed by Istanbul election result

Business | 24 Jun 2019 3:50 pm

Turkey’s lira currency has opened higher against the U.S. dollar after a repeat election for mayor in Istanbul ended months of uncertainty with a landmark opposition win in the country’s largest city.

The dollar traded at 5.717 lira Monday, up nearly 2 percent, hours after opposition candidate Ekrem Imamoglu swept to victory in Istanbul, defeating a candidate backed by President Recep Tayyip Erdogan and marking the first major change in the city’s administration for 25 years.

Tens of thousands of opposition supporters joined celebrations in a party atmosphere at organized and spontaneous gatherings across Istanbul after the results were announced Sunday.

Imamoglu won the mayoral ballot in March, but a repeat was ordered by the country’s election commission, citing procedural irregularities.-AP

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