Turkey's AK Loses Majority for First Time in 13 Years

Having lost the majority at this weekend’s election, the first such occasion in 13 years, Recep Tayyip Erdogan's AK party now faces the challenge forming a government.

It comes as a heavy blow to Erdogan, who has been in power since 2003, and who planned  to push through a switch to a more centralised, presidential republic.

AK secured 41%, a dramatic low compared to its 2011 results, and will now be forced to form a coalition or face entering a minority government.

The pro-Kurdish HDP crossed the 10% threshold, gaining seats in parliament for the first time.

The Turkish currency suffered lows against the dollar, with shares dropping by more than 8%.  The central bank acted quickly to support the lira by cutting the interest rate on foreign currency deposits.