Saudi Arabia will be depositing $5 billion in Turkey’s central bank, a move expected to boost Turkish currency rates as the country recovers from a massive earthquake.
The deposit will be made via the Saudi Fund for Development (SFD) and was announced by the Saudi finance minister in December.
“This deposit is 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 Saudi Fund for Development said on March 6. The agreement was signed between the SFD chairman and the governor of the Turkish Central Bank….