Turkey anti-government demonstrations take toll on economy

Anti-government demonstrations in Turkey have taken a toll on economy, leading to the fall of the country’s stocks, bonds, and currency.

Investor concerns sent Istanbul’s stock exchange Borsa Istanbul nearly 10.5 percent down on Monday. It is the worst fall for the index since March 2003.

The Turkish Lira also weakened to 1.889 against the dollar, a fall from 1.87 on Friday. It is also a 16 month low against the dollar.

Protests erupted in Istanbul on Friday after security forces attacked a peaceful sit-in protest against the demolition of Gezi Park at Taksim Square.

The protesters say the park, which is a traditional gathering point for rallies and demonstrations as well as a popular tourist destination, is the city’s last green public space.

Reports say that bond yields jumped to their highest point since the beginning of April, and prices move in opposite directions.

The volume of trade on the bond market is extremely low with big banks behaving cautiously.

There were also fears that the economic growth forecast level would be shaken by the recent wave of demonstration in major cities across Turkey.

Some reports also said that people were withdrawing money from their bank accounts in an effort to protest the government’s heavy crackdown on protesters.

At least three protesters were killed in the country as clashes between police and anti-government protesters across the country, while another protester was killed after a taxi drove into a group of protesters in the Mayis district of Istanbul.

Amnesty International has criticized the use of excessive force by the Turkish police against the demonstrators, describing it as “disgraceful.”

The rights group said in a report on Monday that 1,500 people had been injured during clashes with riot police in Istanbul over the past days, while at least 414 others were wounded in Ankara. The rights group also said that 420 protesters sustained injuries in demonstrations in the western city of Izmir.

On Monday, the Turkish protesters took to the streets in major cities, including the capital, Ankara, and Istanbul, for the fourth day, calling for the resignation of Prime Minister Recep Tayyip Erdogan.

On Sunday, thousands of protesters marched on Erdogan’s office in Ankara, shouting, “Dictator, resign!” and “We will resist until we win,” and clashed with riot police.