Why is Saudi Arabia depositing billions of dollars in Turkish banks? IqraJobs News

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Saudi Foreign Minister’s spokesman has said that Saudi Arabia is talking about depositing five billion dollars in Turkey’s Central Bank.

According to Saudi media, the country’s economy is under severe pressure due to the inflation rate in Turkey exceeding 85%. In such a situation, depositing money by Saudi Arabia can help in increasing Turkey’s foreign exchange reserves.

In response to an e-mail sent to the Saudi Foreign Ministry, the spokesman said that consultations regarding the deposit of five billion dollars in Turkey’s Central Bank are in the final stage.

On the other hand, the Central Bank of Turkey has refused to say anything in this regard. However, a Turkish official familiar with the talks said that negotiations on an agreement to deposit funds with Saudi Arabia are in the final stages.

In addition, analysts say Saudi Arabia’s contribution could help Turkish President Recep Tayyip Erdogan boost popular support ahead of elections due in June next year.

If this agreement is reached, it will also be an indication that bilateral relations have been restored after the end of tension between the two countries for many years.

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