Saudi Arabia deposits 5 billion dollars in the Central Bank of Turkey: statement

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The fund said on Monday that Saudi Arabia had signed an agreement with Turkey to deposit $5 billion in the country’s central bank through the Saudi Fund for Development.

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Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan announced his country’s intention to deposit in December.

While Turkey’s net foreign exchange reserves rebounded from just over $6 billion last summer, when it was at its lowest level in at least 20 years, it has lost about $8.5 billion since a massive earthquake struck the country’s southern region in early February. February, claiming more than 45,000 lives. leaving millions homeless.

Data from the Turkish Central Bank showed, on Thursday, that the net international reserves of the Turkish Central Bank decreased by about $1.4 billion to $20.2 billion in the week ending February 24.

The Saudi deposit comes on the heels of joint efforts by Ankara and Riyadh to repair relations.

Turkey’s foreign exchange reserves have declined sharply in recent years due to market interventions and in the aftermath of the currency crisis in December 2021. The lira lost about 30 percent of its value against the dollar last year and 44 percent in 2021.

The deposit was signed between the head of the Social Fund for Development, Ahmed Aqil Al-Khatib, the Saudi Minister of Tourism, and the Governor of the Turkish Central Bank, Sahhab Kavji Oglu, according to the fund’s statement.

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