The Saudi Fund for Development signs an agreement with the Turkish Central Bank
Today, Monday, in the Republic of Turkey, the Chairman of the Board of Directors of the Saudi Fund for Development, Ahmed bin Aqil Al-Khatib, signed an agreement in the amount of $ 5 billion as a deposit for the Central Bank of Turkey.
The agreement comes in implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Muhammad bin Salman Al Saud, Crown Prince and Prime Minister.
The agreement was signed on the Turkish side by the Governor of the Central Bank of Turkey, Dr. Shihab Kavji Oglu, quoting a statement.
And the Saudi Finance Minister, Muhammad bin Abdullah Al-Jadaan, announced in December that his country intends to deposit the amount.
Despite the recovery of Turkey’s net foreign exchange reserves after it fell to just over $6 billion last summer, when it recorded its lowest level in at least 20 years, the decline has returned and decreased by about $8.5 billion since the devastating earthquake that struck the south of the country in February, killing more than 45,000 people and displacing millions.
Data from the Central Bank of Turkey showed that net foreign reserves fell by about $1.4 billion to $20.2 billion in the week ending February 24.
Turkey’s foreign exchange reserves have declined sharply in the past few years as a result of market interventions and in the wake of a currency crisis in December of 2021. The lira lost about 30% of its value against the dollar last year and 44% in 2021.
The Kingdom had provided aid and launched an air bridge to help those affected by the earthquake in Turkey and Syria, and signed project contracts for the benefit of those affected by the earthquake in Turkey and Syria, with more than 183 million Saudi riyals ($48.8 million).
