Following Sunday’s win by the ruling Justice and Development Party (AKP), the Turkish lira was up 3% to 2.817, after falling 25% this year as one of the worst performing currencies in the world.
After months of political deadlock, the AKP won with 316 seats in the 550 seat parliament, extending the party’s rule to 2019.
Valeria Bednarik, FXstreet analyst said; “This election will end Turkey’s period of transition and should lead to a marked strengthening of the country’s economy.”
Suzan Sabanci Dincer, executive chairman of Akbank bank, believes that the results will return momentum to the Turkish economy stating; “This was clearly a vote for stability, and Turkey is an economy that does well under stable conditions. “No more elections, no more politics.”
The AKP have promised increases in minimum wages and increased payments for retired workers.
The main index in Istanbul jumped 5% in morning trading.
