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Saudi Arabia deposits $5 billion in Turkey’s central bank

Saudi Arabia deposits $5 billion in Turkey’s central bankSaudi Arabia deposits $5 billion in Turkey’s central bank

Saudi Crown Prince Mohammed bin Salman traveled to Ankara to meet with Turkish President Recep Tayyip Erdogan on June 22, 2022

Minister of Finance Mohammed Bin Abdullah Al-Jadaan had announced his country’s intention to make the deposit in December.

Saudi Arabia signed an agreement with Turkey on Monday to deposit $5 billion (€4.7 billion) in the country’s central bank.

It comes as Turkey is struggling with high inflation and the effects of last month’s massive earthquake.

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What Saudi Arabia said about the deal with Turkey

The kingdom announced the deal through the state-run Saudi Press Agency, calling it “a testament to the close cooperation and historical ties that exist between the kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people.”

The decision was made on the order of King Salman and Crown Prince Mohammed bin Salman it said.

The kingdom gave no details on how the cash would be used or if it could call for the amount to be returned. Deposits of this nature can help increase a national currency’s exchange rates against other international currencies.

In December of last year, Minister of Finance Mohammed Bin Abdullah Al-Jadaan had announced his country’s intention to make the deposit.

los/rt (AP, Reuters, AFP)/DW

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