Recep Tayyip Erdoğan

Humbling election results for Turkey's strongman

Erdogan billboard
A billboard reading "Thank you Istanbul" after Erdogan's presidential victory last year. Photo: Chris McGrath/Getty Images

Voters in Turkey’s largest cities have dealt President Recep Tayyip Erdogan a sharp rebuke.

Why it matters: A sputtering economy and an uncharacteristically united opposition unleashed a tide of opposition victories in municipal elections across the country Sunday that were widely seen as a referendum on Erdogan.

Keep an eye on Turkey

Turkiy president
Turkish President Recep Tayyip Erdogan. Photo: Adem Altan/AFP/Getty Images

Turkey has essentially imposed currency controls ahead of upcoming local elections in which candidates supporting President Recep Tayyip Erdogan are facing tough challenges.

What's happening: Foreign banks and investors looking to trade the Turkish lira are being turned away by local banks, reportedly at the government's behest, with the goal of preventing a fall in the lira's value.