Saudi Arabia says it deposited $5B in Turkish central bank

KIFI

Published March 6, 2023 3:44 AM

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia says it deposited $5 billion into the Turkish central bank. The move on Monday will likely help Ankara firm up its long-weakening currency, the lira, after last month’s massive earthquake. The statement offered no details on how the cash would be used or if the kingdom could call for the sum to be returned. However, such deposits can help firm up exchange rates for a nation’s currency against other currencies internationally. The kingdom described the deposit as “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.”

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