May 26 2019

Turkish economy deteriorated due to ruling party's Istanbul election hustle - main opposition

Turkey's main opposition party spokesman on Saturday said the economy was damaged critically in the period between the ruling party's appeal to cancel the local election in Istanbul and top electoral body's announcement of reasoning for annulling, independent news site T24 reported.

From May 1, the day after the local elections when the Justice and Development Party (AKP) disputed the results, to May 22 when the Supreme Election Council (YSK) announced its reasoning for cancellation of Istanbul elections, the Turkish lira lost 10 percent of its value against foreign currencies, said Fırat Öztrak.

"The reason for this deterioration in the economy is the rerun of elections in Istanbul," the Republican People's Party spokesman said, "because of the mistakes they made in Istanbul, the uncertainties they created, our national income decreased by $81 billion in 52 days."

The embattled Turkish lira, that lost almost a third of its value last year, extended a decline after the local elections on March 31. Turkey’s election council annulled the Istanbul election on May 6, after opposition mayoral candidate Ekrem İmamoğlu beat his AKP rival by a slim margin.