Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country’s 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’s intention to make the deposit in December.
While Turkey’s 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’s southern region early in February that killed more than 45,000 people and left millions homeless.
The Turkish central bank’s 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. —Reuters