Saudi Arabia deposits $5B in Turkish Central Bank

Saudi Arabia has signed an agreement with Türkiye to deposit $5 billion in the Turkish Central Bank after last month's massive earthquake that struck southeast Türkiye and northern Syria.

A statement by the Saudi Fund for Development (SFD) said that the agreement was signed by SFD chairman Ahmed al Khateeb and bank governor Sahap Kavcioglu on Monday.

"This deposit comes as an extension of the historic relations and close cooperation between the Kingdom of Saudi Arabia and the Republic of Türkiye and its brotherly people," SFD said in the statement.

In December 2022, Saudi Finance Minister Mohammed bin Abdullah al Jadaan said the oil-rich kingdom will make a deposit of $5 billion in the Turkish Central Bank.

READ MORE: Türkiye, Saudi Arabia stress 'new era of cooperation' in boost to ties

New era of comprehensive cooperation

Last year, Turkish President Recep Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman declared their determination to launch a new era of cooperation in bilateral ties, including in the political, economic, military, security and cultural spheres.

The leaders emphasized the countries' determination to start a new era of comprehensive cooperation in many areas, said in a joint declaration.

Ankara and Riyadh decided to deepen consultation and cooperation in regional issues to strengthen stability and peace, it added.

READ MORE: Türkiye to take 'concrete steps' to normalise ties with Saudi Arabia