Turkey's Erdogan Faces Defeat in Municipal Elections

Turkey’s President Recep Tayyip Erdogan encountered an unexpected setback in the municipal elections as the main opposition party made significant gains amidst soaring inflation and record high borrowing costs. The Turkish lira weakened in early trading following Erdogan's AK Party falling behind the main opposition Republican People’s Party for the first time ever, as reported by state broadcaster TRT. This marks a historic turn of events for Erdogan's party and signifies a shift in the political landscape of Turkey.