Saudi Arabia deposits $5 billion in Turkey's central bank
8. Mohammed bin Salman Al Saud
Saudi Arabia said on Monday (March 6) that it was depositing USD 5 billion in Turkey's central bank. This could be a major boost to Turkey which is attempting to contain inflation and aftereffects of the devastating earthquake. Presidential elections are around the corner in Turkey.
Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with
Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement.
"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 statement said.
The decision, which will shore up Turkey's foreign reserves and help it combat inflation, was made on the order of King Salman and Crown Prince Mohammed bin Salman, it said.
The move may signal warming of relation between the two countries post major strains in the aftermath of Jamal Khashoggi killing.
Khashoggi was a major critic of Saudi regime. Saudi agents killed and dismembered Khashoggi in Saudi consulate in Istanbul. His remains were never found. Turkey had angered Saufi Arabia by vigourously pursuing the case and providing lurid details to the world.
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US intelligence officials believe the operation was "approved" by Prince Mohammed, though Saudi authorities deny this.
Turkish President Recep Tayyip Erdogan previously said the "highest levels" of the Saudi government ordered the killing, although he has never blamed Prince Mohammed.
Erdogan has pushed hard to revive bilateral ties, a move analysts describe as largely driven by economic considerations.
Last April, he paid his first visit to Saudi Arabia since the Khashoggi killing, where he met Prince Mohammed before travelling to Mecca.
Prince Mohammed followed with a visit to Ankara in June.
(With inputs from agencies)
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