Saudi Arabia to deposit $5 billion in Turkey after earthquake

Turkey is experiencing a shortage of foreign currency amid its economic crisis and is looking to the Gulf for help.
Turkey's President Recep Tayyip Erdogan (L) reviews the honour guard as he welcomes Crown Prince of Saudi Arabia Mohammed bin Salman (R) during an official ceremony at the Presidential Complex in Ankara, on June 22, 2022. (Photo by ADEM ALTAN/AFP via Getty Images)
Turkey's President Recep Tayyip Erdogan (L) reviews the honor guard as he welcomes Crown Prince of Saudi Arabia Mohammed bin Salman (R) during a ceremony at the presidential complex in Ankara, June 22, 2022. - ADEM ALTAN/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Saudi Arabia agreed on Monday to deposit $5 billion in Turkey’s Central Bank, following the devastating earthquakes that hit the country last month. 

“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 Saudi Fund for Development said in a statement. 

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