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

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