Saudi Arabia deposited 5 billion dollars in the Central Bank of Turkey to support Turkey's poor economy.
According to foreign media, Saudi Arabia deposited 5 billion dollars to the Central Bank of Turkey through Saudi Fund Development (SFD) under an agreement.
Saudi Finance Minister Muhammad bin Al-Jadan expressed his intention in December 2022 that his country wants to deposit this amount in a Turkish bank.
It should be remembered that Turkey has been facing the worst economic problems for the past two years and Turkey's foreign exchange reserves had returned to above 6 billion dollars after the worst position in 20 years, but in the recent earthquake, it was again reduced to 8 and a half billion dollars. The loss of the dollar had to be borne.
According to media reports, Turkey's central bank reserves fell by $1.4 billion in the week ending February 24.
Due to the financial crisis, the value of the Turkish lira decreased by 44% against the dollar in 2021, while 2022 also saw a 30% decrease in the value of the lira.
It should be noted that the situation between the two countries was tense since the incident of journalist Jamal Khashoggi, who was killed in the Saudi embassy in Istanbul in 2018.
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