Ankara's 36th District Court of Justice announced the ban on the Republican People's Party (CHP) for the 38th Ordinary Congress scheduled for November 4-5, 2023, at 17:00 local time. The decision also removed the administration of Özgür Özel and other party organs, replacing them with Kemal Kılıçdaroğlu as the new CHP President. The decision, announced just half an hour before the markets closed, led to a significant drop in the Istanbul Stock Exchange and an increase in the Turkish Lira against the US dollar and euro, prompting the Central Bank of the Republic of Turkey (CBRT) to intervene in the markets.

Market Volatility and Central Bank Intervention

Bloomberg reported that the CBRT's intervention of $6 billion included a half-hour response to the announcement of the CHP ban. This intervention aimed to stabilize the Turkish Lira and prevent further depreciation against foreign currencies.

Investors Leave London Conference

According to British economist Timothy Ash, during a BBVA Turkey conference in London attended by Finance Minister Mehmet Şimşek and CBRT President Fatih Karahan, many international investors left the conference after receiving news of the CHP ban. Ash shared on social media that "at the 'BBVA Turkey' conference in London, everyone suddenly received notifications about the CHP news on their phones. Investors left the room and returned to their offices."