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Erdogan Calls Snap Election for June; Lira, Stocks Rally

  • Turkey presidency set to become formal seat of political power
  • Erdogan says election should be moved to June 24 from Nov 2019
Bloomberg business news
Turkey's President Erdogan Has Called A Snap Election
Updated on

Turkish President Recep Tayyip Erdogan called elections a year earlier than scheduled, moving to consolidate his one-man rule of the region’s largest economy.

The vote will complete the transformation of the political system, eliminating the prime minister’s job and weakening the role of parliament. Turkish markets rallied after Erdogan’s announcement in Ankara that the country will go to the polls June 24 to pick a president, almost certainly ratifying his hold on power.