Foreign investors sold $8.5bn worth of Turkish papers in the three-week period between March 14 and April 4, central bank data showed on April 10.

On March 19, Istanbul mayor Ekrem Imamaoglu, the main political rival to Turkey's president, Recep Tayyip Erdogan, was detained. Sales continued in the week ending April 11, with April 7 bringing additional sales as the Donald Trump tariffs tumult hit global markets.

Data for the week to April 11 will be released on April 17.

As of April 4, foreign investors still held $28bn worth of Turkish equities in addition to $14bn worth of the government's domestic papers and $73bn worth of Turkish eurobonds.

Table: Weekly data issued by the central bank.

In the same assessed three-week period, local investors' FX deposits rose by $8.8bn and foreign investors closed $11.1bn worth of swap positions (with carry outflows slowing to $596mn in the third and last week).

As a result, the central bank’s net FX position deteriorated by $43.1bn between March 19 and April 10. The April 11 data will come through on April 14 (Monday).

The central bank’s net FX position (net of off-balance sheet derivative items) declined to $15.8bn as of April 10.

The figure saw minus $60-70bn during its most marked phase of descent, suggesting that the regime presently still has the ammunition to keep drawing its "straight line" at 38.00 on the USD/TRY chart.

Chart by @e507: The Turkish central bank’s net FX position (net of off-balance sheet derivative items) declined by $0.41mn on April 10.