In a recent development, a Turkish court has officially ordered the arrest of President Recep Tayyip Erdogan's primary political opponent, which is likely to exacerbate tensions and continue to impact local markets. The mayor of Istanbul, Ekrem Imamoglu, representing the main opposition party, has been arrested on corruption charges and is also facing allegations related to terrorism. He has been detained pending trial and has refuted all accusations. Imamoglu, responsible for governing a large population in Istanbul, was reportedly planning to declare his candidacy for the presidential election scheduled before 2028. His arrest has prompted widespread protests against the government, defying restrictions put in place since his detention. This situation has caused turmoil in financial markets, with Turkish stocks falling and attempts to stabilize the lira proving ineffective. Erdogan's associates are advocating for his candidacy for a third presidential term, but Imamoglu is viewed as a strong contender who defeated Erdogan's chosen candidate in previous local elections. To extend his rule, Erdogan will need to garner broader support in parliament to facilitate a snap election or constitutional amendments. Imamoglu's arrest is part of a series of detentions and investigations initiated this year, including allegations such as insulting the president and involvement in past anti-government demonstrations. Erdogan has warned the opposition against inciting unrest, accusing them of losing their credibility as a legitimate political party.