PARIS, France - - 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 deposit in December.
While 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.
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.
The deposit was signed between SFD Chairman Ahmed Aqueel Al - Khateeb, who is also Saudi Arabia's tourism minister, and Turkish Central Bank Governor Sahap Kavcioglu, the SFD statement said.
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