Saudi Arabia Deposits $5 Billion Into Turkey’s Central Bank

Saudi Arabia deposited $5 billion into Turkey’s central bank, through its Saudi Fund for Development, in an effort to shore up the Turkish lira, The Saudi Press Agency announced. “This deposit is 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,” the announcement said. The deposit is meant to provide a major boost to the Turkish economy, which is struggling in the wake of February’s devastating earthquakes and rising inflation. The deposit also could help Turkish President Recep Tayyip Erdogan ahead of elections called for May. Erdogan has faced criticism over the country’s failing economy and his government’s handling of the aftermath of the February 6 earthquake. The announcement did not say if the money is to be used for a specific purpose or if it is a loan that must be paid back. Turkey and Saudi Arabia have had a fraught relationship since the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom’s consulate in Istanbul. Erdogan visited Saudi Arabia last year.