Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country's central bank through the Saudi Fund for Development (SFD), the fund said on Monday.
Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan announced his country's intention to make the depositWhile Turkey's net foreign exchange reserves rebounded from just over $6 billion last summer, when it was at its lowest in at least 20 years, they have lost some $8.5 billion since a massive earthquake hit the country's southern region early in February that killed more than 45,000 people and left millions homeless.
The Turkish central bank's net international reserves fell some $1.4 billion to $20.2 billion in the week to Feb. 24, data from the bank showed on Thursday. The Saudi deposit follows joint efforts by Ankara and Riyadh to mend ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom's consulate in Istanbul.
Turkey's forex reserves dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December 2021. The lira lost some 30% of its value against the dollar last year and 44% in 2021.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia Fund Increases Stake in Japan’s Toei, Expands Entertainment Investments – Global BulletinTAKING TOEI Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) has increased its stake in Japanese film and TV studio Toei Company, from 5% to 6.03%, according to a report by the Reu…
Read more »
Turkey's pro-Kurdish party calls for opposition unity after splitA leader of Turkey's pro-Kurdish party called on the opposition to unite on Saturday, a day after a separate six-party alliance aiming to defeat President Tayyip Erdogan splintered over who should run for president in May elections.
Read more »
Illinois Man Lost 100 Relatives in Turkey QuakeHis parents and siblings survived but dozens of other relatives perished.
Read more »
As Turkey earthquakes death toll grows, so does anger at governmentThe Turkish government has been accused of contributing to the devastation caused by last month’s earthquakes by undermining long-established construction safeguards.
Read more »
In Turkey's quake-devasted city of Antakya, an antiques seller is determined to stay putFrom an old black cassette player, Pink Floyd's 'Wish You Were Here' rings out through a damaged neighbourhood of the ancient Turkish city of Antakya, where few residents remain since a devastating earthquake left it in ruins nearly a month ago.
Read more »
Turkey's Erdogan dismisses opposition split and says his ruling alliance will stay on same pathTurkey's President Tayyip Erdogan said on Saturday that his ruling AK Party and its nationalist ally will continue on their planned course after the opposition bloc split over who should run to challenge him in a national election scheduled for May.
Read more »