Turkey's top election authority voided the mayoral election in Istanbul and ordered a rerun on Monday

The Supreme Electoral Board ruled Monday in favour of President Recep Tayyip Erdogan's governing party, which challenged the outcome of the March 31 election won by Ekrem Imamoglu.

A new vote in Istanbul will be held on June 23.

Ekrem Imamoglu of the opposition Republican People's Party, or CHP, had won the mayor's race in Turkey's largest city by a slim margin defeating the ruling party's candidate, former Prime Minister Binali Yildirim.

Erdogan's Justice and Development Party, or AKP, alleged that a series of election irregularities made the results invalid.

It pushed for an annulment of the vote after 17 days of appeals and repeated recounts failed to produce a different outcome.

The opposition has in the past questioned the independence of the electoral body, and has accused the ruling party of claiming fraud simply because it lost the vote.

Opposition newspaper Birgun also branded the decision as "coup," adding "justice has been suspended" and "democracy has been canceled."

Meanwhile, the lira extended its losses against the dollar on Tuesday amid the political uncertainty. The Turkish lira lost 2% of its value against the dollar, as the decision to renew the vote irked the markets. It had lost 10% over the last month.

Istanbul - 7 May 2019

1. Mid of a ferry approaching docks in Bosphorus

2. Close of ferry

3. Various of commuters getting off ferry

4. SOUNDBITE (Turkish) Hasan Basol, local resident:

"It is not reasonable at all that only mayoral ballots are cancelled and that ballot committee memberships are annulled because of a decision taken in 2008."

5. Mid of a newspaper stand

6. Close of Birgun newspaper reading (Turkish) "Coup, justice has been suspended and democracy has been cancelled"

7. Close of Sozcu newspaper, writing in yellow reading (Turkish): "AKP got what it wanted, Istanbul election is cancelled"

8. Close of Milliyet newspaper reading (Turkish) "To the ballot boxes again!"

9. SOUNDBITE (Turkish) Sevim Filiz, local resident:

"If there is any issue it should be re-run for things to be clear. I side with the renewal."

10. Mid of people entering ferry docks

11. SOUNDBITE (Turkish) Sevim Filiz, local resident:

"AKP (ruling party) is more effective, better, and has more services for the common people. That is why."

12. Various of people getting out of ferries

13. SOUNDBITE (Turkish) Ziya Yalcin, local resident:

"An election was won. Then from the same ballot box three (types of) votes are accepted yet a particular (mayoral candidate) type of vote was not accepted. From this point of view, it is a disgrace. Renewal is not good."

14. Mid of Seyfettin Gursel, professor of political sciences and economics, in his university study room

15. Close of Gursel writing

16. SOUNDBITE (Turkish) Seyfettin Gursel, professor:

"In (previous) 31 March elections there were voters from the (ruling party) AKP who did not go to the polls. It is important what they think about this situation, whether they will go to the polls and vote for (AKP's candidate) Binali Yildirim in the coming election. Moreover, it is also important what voters who already previously voted for Binali Yildirim think about this law scandal, whether they will have an adverse reaction. All that will affect the upcoming election."

17. Mid of a sign outside showing foreign currencies gaining advantage over Turkish Lira

18. Close of the sign

19. SOUNDBITE (Turkish) Seyfettin Gursel, professor:

"The Turkish Lira already lost almost 10% of its value during last month, and then lost again a similar value due to cancellation of the election. This is a currency shock, and it will negatively affect inflation. It would not have been so problematic had everything else been normal, but it is impossible for the central bank to hit its desired target for inflation in the current situation."

20. Various of Bosphorus