Saudi Arabia makes a $5 bln deposit at Central Bank

ANKARA

The Saudi Fund for Development (SFD) and the Turkish Central Bank have signed an agreement for the SFD to make a 5$5 billion deposit in the bank.

“In implementation of the directives from Saudi Arabia’s King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince and Prime Minister, Mohammed bin Salman Al Saud, KSA Minister of Tourism and Chairman of the Saudi Fund for Development (SFD) Board of Directors, H.E. Mr. Ahmed Aqeel Al-Khateeb, signed an agreement with the Governor of the Central Bank of the Republic of Türkiye, Şahap Kavcıoğlu, to make a significant $5 billion deposit into the Central Bank of Türkiye,” the SFD said in a written statement.

“This deposit is not only a testament to the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Türkiye and their peoples, but it is also a demonstration of the Kingdom of Saudi Arabia’s commitment to supporting Türkiye’s efforts to strengthen its economy and to promote social growth and sustainable development,” the statement read.

The deposit will contribute to bolstering the Turkish economy by addressing economic aspects across various sectors, the SDF said.

“By making this deposit, the Kingdom of Saudi Arabia is expressing its strong support for the Turkish people and its confidence in the future of the Turkish economy,” the fund added.