Central Bank and SFD ink USD 5bn deposit deal

Saudi Arabia signed an agreement with Turkey to invest USD 5bn deposit in the Central Bank.

The deal was inked by Saudi Fund for Development (SFD) Chairman Ahmed Al-Khateeb and Central Bank Governor Sahap Kavcioglu, according to a statement from the SFD.

“This deposit is a demonstration of the Kingdom of Saudi Arabia’s commitment to supporting Turkey’s efforts to strengthen its economy and to promote social growth and sustainable development,” the statement read.

“The deposit will contribute to bolstering the Turkish economy by addressing economic aspects across various sectors,” it added.

In December 2022, Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said the Kingdom will make a deposit of USD 5bn in the Central Bank.

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