Saudi Arabia Deposits $5B in Turkey’s Central Bank
Saudi Arabia has deposited $5 billion to the Central Bank of Turkey through the Saudi Fund for Development.
Ahmed Al-Khateeb, the kingdom’s Minister of Tourism and chairman of the Saudi Fund for Development, signed an agreement with the governor of the Central Bank of Turkey, Sahap Kavcioglu, the fund said on Monday. The deposit was made on instructions of King Salman and Crown Prince Mohammed bin Salman.
The funds will help bolster the Turkish economy and reflect Saudi Arabia’s “strong support for the Turkish people and its confidence in the future of the Turkish economy”.
Turkey’s central bank’s gross reserve assets fell 2.6 per cent to $125.3 billion in January 2023 from the previous month, according to the regulator’s website.
The central bank’s foreign currency reserves decreased by 10.9 per cent to $67.2 billion in January 2023 and gold reserves increased 10.3 per cent to $50.6 billion.
Saudi Arabia’s deposit comes after 7.8-magnitude earthquake on February 6, followed by more than 7,500 aftershocks and two additional quakes, inflicting the largest disaster on the country in more than 80 years.
