Saudi Arabia planning for $5 billion investment deposit in Ankara's CB

By Al Mayadeen English
Source: Agencies
22 Nov 2022 19:47

Turkish Ministry of Finance says that current discussion taking place between Ankara and Riyadh for the latter to deposit a $5 billion investment in Turkey's Central Bank.

Turkish President Recep Tayyip Erdogan, left, and Saudi Crown Prince Mohammed bin Salman review a military honour guard during a welcome ceremony, in Ankara, Turkey, Wednesday, June 22, 2022 (AP Photo/Burhan Ozbilici)

Saudi Arabia plans to open an investment deposit worth $5 billion in the Turkish Central Bank, the Anadolu news agency reported on Tuesday, citing the Turkish Finance Ministry.

According to the Anadolu news agency, the Turkish Finance Ministry said that Saudi Arabia is planning to establish an investment deposit worth $5 billion in the country's central bank.

Authorities of Ankara and Riyadh are in the final stages of talks to study the prospect of this deposit, according to the agency.

Last April, Turkish President Recep Tayyip Erdogan held a trip to Saudi Arabia on the first visit since the killing of Saudi journalist, Jamal Khashoggi.

Turkish President Recep Tayyip Erdogan announced then that Ankara and Riyadh will start a "new era" to boost bilateral ties.

Later in June, Saudi Arabia's de facto ruler, Mohammad bin Salman, landed in Turkey on an official visit.

Economic relations between the two countries were at the top of the agenda during the meeting between Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan in Ankara.

Turkey, dealing with an economic crisis and the deterioration of its currency, the Turkish Lira, has been seeking a revival in its relationship with Gulf countries, with which its ties have been strained since the so-called Arab Spring.