Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

$5 billion deposited by Saudi Arabia in Turkey's Central Bank

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Mar 2023 16:35
  • 1 Shares
2 Min Read

The Saudi government says the deposit comes as "a testament to the close cooperation and historical ties" between the two countries.

  • x
  • $5 billion deposited by Saudi Arabia in Turkey's Central Bank
    Saudi Minister of Tourism and Chairman of the Saudi Fund for Development (SFD) Board of Directors Ahmed Aqeel Al-Khateeb and Governor of the Central Bank of the Republic of Turkey Sahap Kavcioglu in Turkey on March 6, 2023. (Saudi Fund for Development)

Saudi Arabia announced that it was placing a $5 billion deposit in Turkey's Central Bank, a cash flow that comes as the country - already struggling with deep economic problems and high inflation - battles with the aftermath of the devastating economy as milestone presidential elections loom in.

According to a Saudi government statement, the Saudi Minister of Tourism and Chairman of the Board of Directors of the Saudi Fund for Development Ahmed Al-Khateeb signed an agreement with the Central Bank's Governor Sahap Kavcioglu "to make a significant $5 billion deposit."

Read more: Turkish lira nears historic lows as it slides again

"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 added, noting that the deposit was directly instructed by King Salman and Crown Prince Mohammed bin Salman.

Turkey has been seeking a revival in its relationship with Gulf countries, with which its ties have been strained since the so-called "Arab Spring". 

Related News

'Turkey has won': Erdogan hails PKK disarmament

Iraq welcomes PKK’s disarmament as step toward regional stability

The rapprochement between the two countries comes after severe diplomatic tensions following the murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018, which Ankara insisted on investigating, while Turkish President Recept Tayyip Erdogan said on several occasions that the murder was ordered by the "highest levels" of the Saudi government, hinting at the crown prince.

Read more: The Guardian: Khashoggi killers live in luxury villas in Riyadh

In April 2022, a Turkish court decided to halt the trial of the crime - though in the absence of 26 suspects linked to the murder of Khashoggi - and has authorized its transfer to Riyadh.

Following the court's decision, Erdogan marked, during the same month, his first visit to the Kingdom since the murder and met with King Salman and Bin Salman, where the economic relations between both countries topped the trip's agenda.

In June, Saudi Arabia's de facto ruler Mohammad bin Salman landed in Turkey, also marking his first trip to the country following the crime.

Read more: Poll shows Erdogan at the forefront for re-election

  • Turkey
  • Turkish Central Bank
  • Riyadh
  • Recep Tayyip Erdogan
  • Mohammed Bin Salman
  • Ankara
  • Saudi Arabia

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS