4/18/2018, 4:39 PM (Source: TeleTrader)
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Turks to vote for president, parliament in June

The Turkish lira and stocks in Istanbul surged on Wednesday in the wake of an announcement of snap elections by President Recep Tayyip Erdogan. In a surprise move, he said voters would head to polls in June 24, more than one and a half years early, to choose the head of state and lawmakers.

Erdogan has earlier rejected the possibility to move elections forward, however today he cited instability in Syria and Iraq, where the country's army is fighting Kurdish guerrillas but also the Syrian Democratic Forces, backed by the United States–led coalition. The next president will directly control the government, as the position of prime minister is being abolished in line with last year's referendum results.

The Dow Jones Turkey Titans 20 index spiked 2.69% at 4:37 pm CET. The euro fell 1.29% to 5.0034 Turkish liras, while the dollar was down 1.51% at 4.0351, after Turkey's currency last week hit record lows against both major peers. The economy faces high inflation and the government is pressuring the central bank to keep borrowing costs low. Turkey has been under a state of emergency since a failed military coup in July 2016.

Baha Breaking News (BBN) / IT