$5 billion.. Saudi deposit for the Central Bank of Turkey

Today, Monday, March 6, 2023, the Saudi Fund for Development announced the signing of an agreement worth $5 billion as a deposit for the Central Bank of Turkey.

The agreement was signed by the Chairman of the Board of Directors of the Saudi Fund for Development, Ahmed bin Aqil Al-Khatib, with the Governor of the Central Bank of Turkey, Shihab Kavji Oglu, according to what was reported by the “Al-Arabiya” channel website.

The Kingdom provided aid and launched an air bridge to help those affected by the earthquake that struck areas in Syria and Turkey during the past month, in addition to signing project contracts for the benefit of those affected by the earthquake in Syria and Turkey, at a value of more than 48.8 million dollars.

Improvement in Riyadh's relationship with Ankara

Saudi Finance Minister Muhammad Al-Jadaan announced last December his country's intention to deposit the amount in the Turkish Central Bank, stressing that there has been a significant improvement in Riyadh's relationship with Ankara, pointing out that Saudi Arabia is looking forward to investment opportunities in Turkey and other countries.

Turning point

The year 2022 is a turning point in Saudi-Turkish relations, after relations between them were marred by coldness in previous years and since 2018, especially after Crown Prince Mohammed bin Salman’s visit to Ankara last July, which was preceded by the Turkish president’s visit to Saudi Arabia at the end of the year. Last April, he met the Saudi crown prince last Ramadan.