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Foreigners Are Flocking into Turkish Lira Bonds at Record Pace
Foreign investors expanded their purchases of lira-denominated Turkish government bonds last week, notching the biggest monthly inflow into the country’s domestic debt on record. Overseas investors bought a net $1.3 billion of the debt in the week through May 17, extending inflows over the past four weeks to $5.5 billion, according to the latest central bank data. That’s the biggest four weeks of inflow on record on a rolling basis, according to Bloomberg calculations, and has brought non-residents’ holdings of domestic debt to the highest level since February 2021. Emboldened by pledges of monetary orthodoxy ... (full story)