Arrest of Erdogan Rival Triggered Record Exit from Turkey Bonds
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Foreign investors offloaded Turkish government bonds at a record pace in the final week of March, deepening the selloff in local markets triggered by the arrest of Istanbul’s mayor and top opposition figure, Ekrem Imamoglu.
Overseas investors sold $2.39 billion in Turkish bonds in the week ending March 28, bringing non-resident holdings to the lowest since October, according to the latest central bank data. Turkish assets came under pressure in the final weeks of March after Imamoglu — widely seen as President Recep Tayyip Erdogan’s political rival — was detained and later formally arrested.