The depreciation in the BIST 100 index at Borsa Istanbul exceeded 7% today. Due to rapid declines, the index halted trading for the second time.

Selling pressure continues in the markets following the detention of Istanbul Metropolitan Municipality Mayor Ekrem Imamoglu.

The BIST 100 index at Borsa Istanbul dropped over 7% today, triggering the trading halt mechanism twice.

After trading resumed, the BIST 100 index approached an 8% loss. The losses in the index have exceeded 15% this week.

Bank shares also declined by about 10% today. The losses in the BIST bank index have surpassed 25% this week.

MEASURES AGAINST MARKET VOLATILITY Central Bank took some measures in response to the market volatility. The CBRT initiated Turkish Lira-settled forward foreign exchange sales, conducted TL deposit auctions at various maturities. The CBRT held an extraordinary meeting and increased the overnight lending rate by 2 points to 46% to mitigate the impact of sudden movements on inflation. Additionally, one-week repo auctions were temporarily suspended.

The Capital Markets Board (CMB) has implemented decisions to provide flexibility in companies’ share buyback programs.