{"id":197454,"date":"2023-03-08T14:01:25","date_gmt":"2023-03-08T12:01:25","guid":{"rendered":"https:\/\/www.arabtelegraph.com\/?p=197454"},"modified":"2023-03-08T14:01:26","modified_gmt":"2023-03-08T12:01:26","slug":"saudi-arabia-deposits-5-bln-in-turkeys-central-bank-statement","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=197454","title":{"rendered":"Saudi Arabia deposits $5 bln in Turkey&#8217;s central bank &#8211; statement"},"content":{"rendered":"\n<p dir=\"ltr\">Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country\u2019s central bank through the Saudi Fund for Development (SFD), the fund said on Monday.<\/p>\n\n\n\n<p dir=\"ltr\">Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan announced his country\u2019s intention to make the deposit in December.<\/p>\n\n\n\n<p dir=\"ltr\">While Turkey\u2019s 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\u2019s southern region early in February that killed more than 45,000 people and left millions homeless.<\/p>\n\n\n\n<p dir=\"ltr\">The Turkish central bank\u2019s 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.<\/p>\n\n\n\n<p dir=\"ltr\">The Saudi deposit follows joint efforts by Ankara and Riyadh to mend ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom\u2019s consulate in Istanbul.<\/p>\n\n\n\n<p dir=\"ltr\">Turkey\u2019s 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.<\/p>\n\n\n\n<p dir=\"ltr\">The deposit was signed between SFD Chairman Ahmed Aqeel Al-Khateeb, who is also Saudi Arabia\u2019s tourism minister, and Turkish Central Bank Governor Sahap Kavcioglu, the SFD statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country\u2019s 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\u2019s intention to make the deposit in December. While Turkey\u2019s net foreign exchange reserves rebounded from &hellip;<\/p>\n","protected":false},"author":3,"featured_media":197455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-197454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia deposits $5 bln in Turkey&#039;s central bank - statement - Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=197454\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia deposits $5 bln in Turkey&#039;s central bank - statement - Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country\u2019s 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\u2019s intention to make the deposit in December. 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