File - A woman counts Turkish lira banknotes at a currency exchange office in Istanbul on January 23, 2014. (AFP PHOTO/BULENT KILIC)
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Foreign investors are set to resume buying Turkish bonds, following a 10-month exodus, after elections consolidated Prime Minister Recep Tayyip Erdogan's political base.Overseas ownership of Turkish debt may be poised to rise from a 20-month low on speculation that political stability will return following the March 30 poll, said Ercan Erguzel, an economist at Denizbank AS. Local-currency bonds jumped after the result, with two-year notes capping the longest rally since May, and the lira erased this year's drop. Foreigners boosted their holdings by a net $154 million from March 14 to March 28, the biggest two-week gain since Jan. 10, central bank data show.The currency has strengthened 3.7 percent following the election, taking its gain to 6.6 percent since the central bank more than doubled its benchmark interest rate on Jan. 29 .Ten-year yields tumbled 24 basis points on March 31 and are 22 basis points lower this week at 10.28 percent.
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