Turkey finalizes USD5B deposit agreement with Saudi Arabia to manage foreign liabilities
Date
7/25/2024 5:28:58 AM
(MENAFN) On Wednesday, Turkey's central bank completed a significant agreement with Saudi Arabia, securing a USD5 billion deposit deal aimed at reducing its foreign liabilities, according to Anadolu Agency. The Turkish Central Bank detailed in a statement that this transaction is part of a broader strategy to manage and optimize its reserve holdings. The agreement was made with the Saudi Fund for Development and builds upon an earlier deposit deal concluded last year.
The central bank explained that recent efforts to manage reserves have led to a notable improvement of approximately USD7 billion in its external liabilities. This achievement is primarily attributed to a strategic reduction in international deposit balances. The bilateral agreement reflects Turkey's ongoing commitment to improving its financial position and managing external financial obligations more effectively. By obtaining substantial support from Saudi Arabia, Turkey seeks to bolster its reserve levels and mitigate the impact of foreign liabilities on its economic stability.
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