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Turkiye’s Financial Markets Impacted, Dollar Bonds Dip amid Court Ruling on Opposition Party
May 22, 2026
Turkiye’s financial markets were roiled after a top court dealt a blow to the country’s main political opposition party. The court annulled the 2023 congress of the Republican People’s Party (CHP) that elected Ozgur Ozel as its leader. The ruling effectively reinstated the CHP’s former, less popular chairman Kemal Kilicdaroglu in his place. Market analysts noted that Turkish President Erdogan would strategically prefer to face Kilicdaroglu over Ozel, making an early election scenario plausible. Previously, Kilicdaroglu lost the 2023 presidential elections to Erdogan. This political update comes amid a difficult economic backdrop, with inflation surging and effectively shutting the door on interest rate cuts, which analysts believe could have served as vote-winning stimulus. Turkey’s BIST 100 equity index fell 6%, triggering a market-wide circuit breaker that halted trading, while dollar bonds sold off by as much as 1.6 points across the curve.
Its 6.625% 2045s dropped by 1.5 points to 85.4, yielding 8.2%.
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