Election Too Close To Call, May 28 Runoff Likely

Turkey election results show that neither of the two main candidates has more than 50% of the vote, with nearly 97% of the vote counted. Incumbent Recep Tayyip Erodgan's share stood at 49.6%, while main challenger Kemal Kilicdaroglu had 44.6%, and third candidate Sinan Ogan, 5.3%.

• If these results hold and no candidate gets above the 50% threshold then the top two candidates will face each other in a runoff on May 28.
• The main opposition party, led by Kilicdaroglu, stated that the results were being published in an order that artificially boosted Erdogan's tally, per Reuters reports. The opposition party stated Erdogan's party was objecting ballot results, and thereby were delaying full results.
• In terms of USD/TRY levels, Reuters noted the pair got to 19.70 before retracing some losses in thin trade. Early March highs sit at 19.80. Bloomberg noted state banks were selling dollars to keep the pair around 19.65.