Saudi Arabia says it deposited $5 billion into the Turkish central bank, likely helping Ankara firm up its long-weakening currency, the lira, after last month’s massive earthquake that struck southeast Turkey and northern Syria.
The deposit provides a capstone for just how far relations have improved between the kingdom and Turkey after years of tensions between the nations, particularly after the 2018 killing and dismemberment of Washington Post columnist Jamal Khashoggi at the Saudi Consulate in Istanbul. Turkey also backed Qatar in a years-long boycott by the kingdom, Bahrain, Egypt and the United Arab Emirates.
The deposit will also likely help boost Turkish President Recep Tayyip Erdogan ahead of upcoming elections this year.
The kingdom makes the announcement via a statement on the state-run Saudi Press Agency, describing it as “a testament to the close cooperation and historical ties that exist between the kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people.” It said the money came from the Saudi Fund for Development.
The statement offers no details on how the cash would be used or if the kingdom could call for the sum to be returned. However, such deposits can help firm up exchange rates for a nation’s currency against other currencies internationally.
Responsibly covering this tumultuous time
As The Times of Israel’s political correspondent, I spend my days in the Knesset trenches, speaking with politicians and advisers to understand their plans, goals and motivations.
I'm proud of our coverage of this government's plans to overhaul the judiciary, including the political and social discontent that underpins the proposed changes and the intense public backlash against the shakeup.
Your support through The Times of Israel Community helps us continue to keep readers across the world properly informed during this tumultuous time. Have you appreciated our coverage in past months? If so, please join the ToI Community today.
~ Carrie Keller-Lynn, Political Correspondent
Yes, I'll join
Yes, I'll join
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel eleven years ago - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
' fill='%230E4F97'%3E%3Cg id='Group-5' transform='translate(370.000000, 11.000000)'%3E%3Cg id='avatar' transform='translate(6.000000, 4.000000)'%3E%3Ccircle id='Oval' cx='8' cy='4' r='4'%3E%3C/circle%3E%3Cpath d='M7.12864205,10 L8.87135795,10 C11.558649,10 14.0087196,11.5384024 15.1762205,13.958831 L16,15.6666667 L16,15.6666667 L15.3374858,17.5134983 C15.228016,17.8186575 14.9774027,18.051811 14.6651459,18.1389975 L8,20 L8,20 L1.33485405,18.1389975 C1.02259733,18.051811 0.771984007,17.8186575 0.662514216,17.5134983 L0,15.6666667 L0,15.6666667 L0.823779545,13.958831 C1.99128041,11.5384024 4.44135104,10 7.12864205,10 Z' id='Rectangle'%3E%3C/path%3E%3C/g%3E%3C/g%3E%3C/g%3E%3C/g%3E%3C/svg%3E)
