Economics

Turkey sold almost all of its US Treasury holdings in March, in a sign of the deep economic pressure the country’s economy has come under as a result of the US-Israeli war on Iran.

Turkey liquidated around $14bn in US Treasuries, bringing its total holdings of US debt to just $1.6bn dollars, Bloomberg reported on Thursday, citing its own estimates based on US government data.

Turkey’s vulnerable economy has been hit on multiple fronts by the US-Israeli war on Iran.

The country imports nearly all of its oil and gas from abroad. Rising energy prices have made those imports more expensive. Turkey also imported about 14 percent of its natural gas from Iran before the war, but those flows reportedly stopped after an attack on Iran’s South Pars gas field.