Five billion dollar signature: Agreement between Ankara and Riyadh
By News Center
The Saudi Arabian Development Fund signed a deposit agreement of 5 billion dollars with the Central Bank of the Republic of Turkiye. While emphasizing close cooperation and historical ties, the fund stated, "This agreement expresses Saudi Arabia's strong support to the Turkish people and its confidence in the future of the Turkish economy."
An agreement was signed between the Chairman of the Central Bank of the Republic of Turkiye (CBRT) Şahap Kavcıoğlu and the Chairman of the Saudi Arabian Development Fund Ahmed Al Khateeb to deposit $5bn in deposits with the Central Bank of the Republic of Turkiye. In the statement made by the Development Fund, it was stated that the agreement is not only proof of the close cooperation and historical ties between the Kingdom of Saudi Arabia and the Republic of Turkiye and its peoples, but also a demonstration of the Kingdom of Saudi Arabia's commitment to support Turkiye's empowerment efforts. It was stated that thanks to this deposit, it is aimed to contribute to the solution of economic problems in various sectors. Besides that it was stated that "The Kingdom of Saudi Arabia expresses its strong support to the Turkish people with this agreement and its confidence in the future of the Turkish economy".
AN INDICATOR OF CONFIDENCE IN THE TURKISH ECONOMY
Treasury and Finance Minister Nureddin Nebati also evaluated the agreement with Saudi Arabia on his social media account. Minister Nebati said, "The decision to deposit $5bn in the CBRT by the Saudi Arabian Development Fund within the scope of our recently increased economic and financial cooperation has been a positive result of the Saudi Arabian administration's confidence in the Turkish economy and our joint efforts. We will continue by increasing our economic relations with the region and Saudi Arabia,"he said. The Saudi Arabian Finance Ministry announced on November 22 that they were nearing the end of negotiations to deposit $ 5 billion in the Central Bank. On the same day, the Ministry of Treasury and Finance announced that the final stage had been reached in the negotiations on opening a $ 5 billion deposit account within the Central Bank of Saudi Arabia.