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  • 23-11-22

    Saudi Arabia, Turkey prepares to make USD5B deposit

    (MENAFN) Saudi Arabia and Turkey are negotiating with Riyadh putting a USD5 billion deposit at Turkey’s central bank, a Saudi Ministry of Finance representative stated on Tuesday, as stated by new agency.

    “We are in final discussion to make a USD 5 billion deposit with the central bank of (Turkey),” the representative mentioned in an emailed reply to the news agency question.

    The Turkish central bank denied to remark on the issue. A Turkish official with the knowledge of the matter noted in negations are at the last phase with Saudi Arabia through a swap or deposit deal.

    Turkey’s economy has been seriously stressed by a collapsing lira as well as off the chart inflation of more than 85 percent and a swap or deposit deal might improve Turkey’s weak foreign currency reserves.

    According to experts this might support leader Tayyip Erdogan reinforce backing as well in advance of elections which is set to happen on June next year.

    MENAFN23112022000045014228ID1105222973

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