Strait Talk

Türkiye, Saudi Arabia Close to Finalising $5 Billion Deposit Deal

Last week, Türkiye's Treasury and Finance Minister Nureddin Nebati met with Saudi Trade Minister Majid bin Abdullah Al Qasabi in Istanbul. The meeting was the latest in a series of high profile visits that is restoring ties between Ankara and Riyadh, following years of tensions and open hostility. One of the major points discussed was a $5 billion deposit that Saudi Arabia is planning to make into Türkiye's Central Bank. A Saudi official says the deal is in the final phase of discussions. The Saudi deposit would add to the $28 billion dollars Turkiye's central bank already holds in currency swaps, with several countries, including the UAE, Qatar, China and South Korea. And once approved, the deal would be the latest move by both countries to shore up economic ties following a year of high level visits. For the past several years, Ankara and Riyadh were at odds over a number of issues, including the blockade of Qatar and the murder of Saudi journalist Jamal Khashoggi back in 2018. GUESTS Manas Chawla CEO of London Politica Betul Akkas Dogan Gulf Studies Researcher

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