Foreign investment in Turkish securities at 41-week high

The Turkish stock and bond markets attracted the highest levels of foreign investment in 41 weeks during the week ending Nov. 9, Dünya newspaper reported citing central bank figures.

Investors bought a net $627.3 million of local bonds and shares, according to the data. The purchases reduced net sales of the securities to just under $2 billion so far this year, Dünya said.

The buying started tentatively in October following selling in August and September, the newspaper reported. Foreigners started purchasing bonds after the central bank raised interest rates by 625 basis points to 24 percent in September.  

Turkey needs to attract foreign investment to its economy to help finance its current account deficit and to reduce interest rates on borrowing, which have surged to the highest levels in more than a decade as inflation accelerated to 25.2 percent.