ISTANBUL — 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%, 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.
The Associated Press