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Unrest has since spread to Istanbul, which is ruled by the Republican People’s Party (CHP), Erdogan’s opposition on the national level. Many blew whistles and banged pots and pans to make noise.Įrdogan has defended his government’s monetary policy, saying he will not engage in “the game played by those over the currency, interest and price hikes,” but will proceed with his own economic plan instead. They chanted “istifa” (resign) and the name of Erdogan’s ruling party - Justice and Development Party (AKP). On Tuesday evening, protesters marched down the streets of Ankara’s Çankaya neighborhood, where most Turkish government buildings and government institutions are located. The central bank said it could only do so under certain conditions in “excessive volatility.” There was no hint at an intervention to stem the meltdown. Many economists called the rate cuts reckless while opposition politicians appealed for immediate elections.Īfter a meeting between Erdogan and central bank Governor Şahap Kavcıoglu, the bank issued a statement saying the selloff was “unrealistic and completely detached” from economic fundamentals. Over 263,000 tweets were shared during the day that called on the government to resign in the face of the economic crisis.Įrdogan has applied pressure on the central bank to pivot to an aggressive easing cycle that aims, he says, to boost exports, investment and jobs – even as inflation soars to near 20% and the currency depreciation accelerates, eating deeply into Turks’ earnings. It has shed 45% of its value this year, including a near 26% decline since the beginning of last week. The lira tumbled as far as 13.45 to the dollar, plumbing record troughs for an 11th straight session, before paring some losses. 23 in its second-worst day ever after Erdogan defended recent sharp rate cuts, and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course. There were reports of protests in the northwestern city of Eskişehir and the Aegean province of İzmir. In Istanbul’s Kadıköy, protesters chanted, “AKP to the grave, people to power!” Police barricades were placed on Taksim Square, the scene of the 2013 Gezi protests. Police prevented a group of protesters from marching in Istanbul’s Şişli district. In Istanbul, Boğaziçi University students marched with the same demand. Middle East Technical University (ODTÜ) students took to the streets to protest and called for Erdogan’s resignation. In Ankara, protesters marched in the Çankaya district. “Go away AKP, this country is ours,” chanted the protesters. Groups of protesters marched in Istanbul and Ankara, as they called on the ruling Justice and Development Party (AKP) to resign. The Turkish lira has gone from $0.1 to $0.078 in value just over the past week, in the worst slide since 2018. The protests come amid an escalating currency crisis. 23 after the lira’s historic crash. Protesters were demanding the resignation of Turkey’s President Recep Tayyip Erdogan and his government over skyrocketing inflation. Protests were held in Turkey’s largest city Istanbul and the capital Ankara on Nov.