Riyadh: Saudi Arabia has signed an agreement with Turkiye to deposit $ 5 billion in country’s central bank through Saudi Fund for Development (SFD), fund said.

Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan announced his country’s intention to make deposit in December. While Turkiye’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 massive earthquake hit country’s southern region early in February that killed more than 45,000 people and left millions homeless.

Turkish central bank’s net international reserves fell some $ 1.4 billion to $ 20.2 billion in week to February 24, data from bank showed.

Saudi deposit follows joint efforts by Ankara and Riyadh to mend ties that were ruptured after murder of Saudi journalist Jamal Khashoggi in 2018 at Kingdom’s consulate in Istanbul.

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, SFD statement said.

Published in The Daily National Courier, March, 07 2023

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