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Turkey's finance, banking chiefs to visit Saudi Arabia in search of foreign funds

The Saudi visit of Finance Minister Mehmet Simsek and Central Bank Governor Gaye Erkan is expected to be followed by the Turkish President's Gulf tour.
Turkish minister of Treasury and Finance Mehmet Simsek,(L) speaks with minister of Energy and Natural Resourcesand Alparslan Bayraktar,(R) during the group meeting of Justice and Development (AK) Party at the Turkish Grand National Assembly in Ankara, on June 21, 2023. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

ANKARA — Turkey’s Finance Minister Mehmet Simsek and Central Bank Governor Gaye Erkan are set to travel to Saudi Arabia this week, Turkey’s state-run Anadolu Agency reported Tuesday.

Anadolu said ​​Simsek and Erkan will hold meetings with Saudi investors on Wednesday. On their first trip together, the two are also expected to meet with Saudi officials. Erkan was tapped as the country’s first female central bank governor last month as part of a major economic overhaul in Turkey.

The visit comes as the country’s new economy management is scrambling to attract foreign funds in a bid to ease the country’s foreign currency crunch and raise the central bank’s depleted reserves.

Simsek pledged on Tuesday that their efforts to draw foreign funds will continue, adding that the central bank’s reserves have risen to $14.2 billion after falling below zero ahead of the country's May general elections. 

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