Home World News Emerging Markets Saudi Arabia deposits US$5 billion in Turkey’s Central Bank

Saudi Arabia deposits US$5 billion in Turkey’s Central Bank

Turkey S Central Bank
Turkey S Central Bank

The Royal Kingdom of Saudi Arabia has deposited an amount of $5 billion into Turkey’s Central Bank through its Saudi Fund for Development (SFD) in a move to bolster the country’s economy.

The decision was made on the order of Saudi Ruler King Salman and Crown Prince Mohammed bin Salman.
The deposit comes as Turkey continues to struggle with high inflation, and recovering from a massive earthquake last month that killed more than 46,000 people and left millions homeless.

A statement issued in Saudi Arabia and copied to the Ghana News Agency through the Saudi Embassy in Accra and signed by Ahmed Aqeel Al-Khateeb, Saudi Arabia’s Minister of Tourism and Chairman of the Saudi Development Fund said the decision was “a demonstration of the Kingdom of Saudi Arabia’s commitment to supporting Turkey’s efforts to strengthen its economy”.

The statement said the gesture was a testament to the close cooperation and historical ties that existed between the Kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people.

The deposit was signed between the SDF Chairman, Ahmed Aqeel Al-Khateeb, who is also Saudi Arabia’s Minister of Tourism and Mr Sahap Kavcioglu, the Governor of Turkey Central Bank.

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