HomeNewsHuman InterestSaudi Arabia deposits $5 billion in Turkey’s central bank

Saudi Arabia deposits $5 billion in Turkey’s central bank

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Following the pledge made by Saudi Arabia last December through the Saudi Minister of Finance, Mohammed Bin Abdullah al-Jadaan, the well endowed country has deposited $5 billion in Turkey’s central bank.

Saudi Arabia had signed an agreement with Turkey to deposit $5 billion in the country’s central bank through the Saudi Fund for Development (SFD), recently.

While Turkey’s net foreign exchange reserves rebounded from just over $6 billion last summer, when it was at its lowest in at least 20 years, they have lost some $8.5 billion since a massive earthquake hit the country’s southern region early in February that killed more than 45,000 people and left millions homeless.

READ ALSO:Turkey-Syria earthquake:  UAE rescue team  saves two men, woman, others trapped in rubble after nine days 

The Turkish central bank’s net international reserves fell some $1.4 billion to $20.2 billion in the week to Feb. 24, data from the bank showed on Thursday.

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The Saudi deposit follows joint efforts by Ankara and Riyadh to mend ties.

Turkey’s forex reserves dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December 2021. The lira lost some 30 percent of its value against the dollar last year and 44 percent in 2021.

The deposit was signed between SFD Chairman Ahmed Aqeel al-Khateeb, who is also Saudi Arabia’s tourism minister, and Turkish Central Bank Governor Sahap Kavcioglu, the SFD statement said.

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