Turkey is getting ready for a third night of protests as the main opposition party has urged nationwide demonstrations following the arrest of President Recep Tayyip Erdogan's main political rival. The Republican People's Party (CHP) chairman Ozgur Ozel encouraged demonstrators in Istanbul to take to the streets in response to the detention of the city's mayor, Ekrem Imamoglu.

Despite a ban on protests imposed since Wednesday, thousands defied the restriction and gathered on Thursday, leading to several arrests of individuals criticizing Imamoglu's arrest on social media. The situation has caused significant volatility in the markets, with the Turkish lira facing its largest weekly decline in nearly two years. The country's central bank has even raised interest rates to stabilize the currency amid growing political tensions.

The stock market in Turkey, represented by the Borsa Istanbul 100 Index, slumped by 7%, resulting in circuit breakers being triggered and wiping out around $30 billion from the equity market's value in a week. The Turkish currency and stocks have performed poorly on the global scale this week.

Authorities in Istanbul, Ankara, and Izmir have forbidden any gatherings or press conferences until March 23, but Friday evening will test this ban as the CHP plans country-wide rallies in support of Imamoglu. Despite having significant control in the state, President Erdogan has distanced himself from these recent events, stating that they are internal matters for the opposition.

Imamoglu poses a strong challenge to Erdogan, having defeated the president's candidates in consecutive local elections. The upcoming primary on Sunday will officially nominate Imamoglu as the CHP's presidential candidate. The mayor can be under custody for four days following his detention before a formal court hearing to determine if he will be arrested.