Turkey liquidated nearly its entire position in US Treasury securities during March, according to data tracking sovereign bond holdings. The move marks one of the most dramatic single-month exits from US debt by a NATO member state in recent memory, and lands at a moment when foreign appetite for Treasuries is already under scrutiny.
The timing is significant. March coincided with peak turbulence in US-Turkey relations and broader emerging-market anxiety over dollar strength and US fiscal trajectory. A near-total exit — rather than a gradual trim — signals a deliberate policy decision, not routine portfolio rebalancing.
For macro watchers, Turkey joins a short list of sovereigns actively reducing dollar-denominated reserve exposure. Whether this reflects geopolitical realignment, domestic currency defense needs, or a loss of confidence in US debt as a safe-haven anchor, the…
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