Markets still remember Turkey's currency crash last summer, which triggered a sell-off in emerging markets and sent investors running for the hills.
Turkey's voters head to the polls on Sunday amid new, widespread worries about their currency, and with much at stake for investors in the country.
The lira dropped as much as 5 percent against the dollar Thursday on news that the Turkish Central Bank had burned through nearly a third of its foreign reserves in the first three weeks of March as it tried to prop up the currency and stifle short-sellers ahead of the vote. Consumers' purchasing power has fallen. The pain is particularly acute for the many Turkish businesses that owe debts denominated in foreign currencies. The government has opened food stalls selling fruit and vegetables at below-market rates to help ease the inflation pain.
Analysts who spoke to CNBC agreed that Erdogan is unlikely to suffer a big upset in this year's voting. He has continuously held the post of either prime minister or president since 2003. "If the AKP loses to an opposition party challenger, it will be a symbolic indication that the ruling party is struggling to maintain its appeal with the urban elite," said Emily Hawthorne, an analyst at risk consulting firm Stratfor.
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