section_path: Aftermath/Economic impact
section_name: Economic impact
paragraph_text: Economic impact
  
  The arrest of Ekrem İmamoğlu led to significant fluctuations in the Turkish economy, because it increased political uncertainty. The central bank sold nearly $10 billion in foreign currency, so the Turkish lira fell only 3% against the US dollar. The BIST 100 index fell by almost 9%. Turkey's 2045-maturity dollar-denominated government bond lost 1.6 cents in value, dropping to 80.9 cents.
  
  Revising its expectation of a 250-basis-point monthly cut by the Central Bank, JPMorgan predicted that the central bank would cut interest rates by 150 basis points at each meeting. Bank of America raised its inflation forecast to 28% and year end interest rate projection to 32.5%.
  
  Turkey's Minister of Treasury and Finance, Mehmet Şimşek, stated, "Everything necessary is being done to ensure the healthy functioning of the markets. The economic program we are implementing continues resolutely." Foreign investors confidence fell, and some experts say that the full economic impact will only become clear over the course of the year.
  
  Germany blocked the sale of 40 Eurofighter Typhoons after the arrest of İmamoğlu