Disputed Vote Hangs Over Turkey While Lira Resumes Its Decline
- Election board to rule on governing party’s claim next week
- Lira declines on concern about foreign currency reserves
Ekrem Imamoglu arrives at Istanbul’s Provincial Electoral Board office on April 17.
Photographer: Anadolu Agency/Getty Images
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Turkish authorities are expected to rule next week on the governing party’s claim of fraud in a local election, as the lira resumed its decline on concern about the state of the nation’s finances and the prospect of more political upheaval.
Ekrem Imamoglu of the CHP assumed the office of Istanbul mayor on Wednesday after being awarded a disputed victory, sending the lira surging. On Thursday, though, the currency tumbled as much as 1.9 percent against the dollar on reports that the central bank was using short-term borrowing to bolster its foreign reserves.