KSA to deposit USD5B into Turkish Central Bank in strategic partnership move

(MENAFN) On Monday, Saudi Arabia and Turkey signed a significant agreement that entails Saudi Arabia depositing USD5 billion into the Turkish Central Bank. The Saudi Fund for Development (SFD) released a statement confirming the signing of the agreement, which was executed by SFD chairman Ahmed Al-Khateeb and bank governor Sahap Kavcioglu. The SFD also emphasized that this deposit is a continuation of the strong historical relations and close cooperation between the Kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people.

The deposit of USD5 billion by Saudi Arabia into the Turkish Central Bank was initially announced in December 2022 by the Saudi Finance Minister, Mohammed bin Abdullah Al-Jadaan. The deposit of such a significant amount highlights the growing importance of the strategic partnership between the two countries, particularly in the economic sector. It is expected that this deposit will play a crucial role in supporting Turkey's economy, particularly in light of the challenges posed by the COVID-19 pandemic.

This agreement comes at a time when Saudi Arabia and Turkey have been working closely together to enhance their bilateral relations in various fields, including politics, economics, and culture. The two countries have a long history of cooperation and collaboration, and this agreement is a testament to their commitment to further strengthening their partnership.

Overall, the deposit of USD5 billion by Saudi Arabia into the Turkish Central Bank is a significant development that will have far-reaching implications for both countries. It underscores the growing economic ties between the two countries and is expected to contribute significantly to Turkey's economic growth and development.

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