Erdogan has also declared a three-month state of emergency to in response to the failed coup. The administration is pursuing those accused of being behind the coup and has arrested thousands of army officers, judges, teachers and prosecutors.
Related: Concerns Mount for Controversial Turkey ETF
Meanwhile, the Turkish lira has weakened against the dollar on the uncertainty.
“The political moves point in the direction that things are likely to get worse rather than better from here on. So the lira is more likely to fall than to rise,” William Jackson at Capital Economics told Reuters. “This is about Turkish politics – I don’t think there are other countries where politicians will take their cue from developments in Turkey.”
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iShares MSCI Turkey ETF