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Saudi Arabia has signed an agreement with Türkiye to deposit $5 billion (TL 94.57 billion) in the country’s central bank, in order to boost the economy which had been down due to the inflation emerging from last month’s massive earthquakes ahead of presidential elections.
This demonstrate the support and cooperation between the two countries .Saudi Arabia is making efforts towards making a 5billion deposit to Turkiye’s Central Bank to strengthen its economy and to promote social growth and sustainable development,” the Saudi Fund for Development (SFD) said in a statement.
Saudi Minister of Finance Mohammed bin Abdullah Al-Jadaan announced his country’s intention to deposit. The statement didn’t specify the details on how the cash would be used or if the kingdom of Saudi Arabia would call for the sum to be returned. However, such deposits can help firm up exchange rates, push up Türkiye’s foreign reserve and is likely to help further firm up the Turkish lira. The decision, which is also expected to help Türkiye combat inflation, was made on the order of King Salman and Crown Prince Mohammed bin Salman (MBS).

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