section_path: Impact on economy
section_name: Impact on economy
paragraph_text: Impact on economy
  
  Following Ekrem İmamoğlu 's arrest, the Turkish lira dropped by 12.7%, reaching a record low of 42 lira per US dollar. While the lira has since settled around 38 to the dollar, foreign investors remain cautious. In response to the turmoil, approximately $16 billion was pulled from Turkish markets, significantly impacting the country’s foreign reserves, which had previously been rebuilt to $65 billion. Meanwhile, the BIST 100 index of the Istanbul Stock Exchange plunged by 8.72%, falling from 10,802 to 9,860 points. In response, the Turkish Central Bank sold $25 billion in foreign currency in an attempt to stabilize the national currency. This massive intervention also led to an increase in interest rates and an upward revision of inflation forecasts, with an estimated 29.75% by the end of the year. These events have shaken foreign investors' confidence, undermining Economy Minister Mehmet Şimşek ’s efforts to restore the country’s economic stability.
  
  The protest also has caused several cancellation or postponement to some scheduled concerts in Istanbul. English rock band Muse postponed its scheduled gig in Istanbul to 2026 due to pressure from the anti-government protesters not to perform, after the concert promoter, Abdulkadir Ozkan, made controversial remarks regarding the protests. Norwegian singer Ane Brun also cancelled her scheduled gig in Istanbul.