AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

RIYADH: Saudi Arabia said Monday it was depositing $5 billion in Turkiye’s central bank, a potentially major boost as the country grapples with inflation and damage from last month’s earthquake ahead of presidential elections.

Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu “to make a significant $5 billion deposit”, the Saudi government said in a statement.

Quake killed more than 50,000 in Turkiye, Syria: revised toll

“This deposit is a testament to the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Turkiye and its brotherly people,” the statement said.

The decision, which will shore up Turkiye’s foreign reserves and help it combat inflation, was made on the order of King Salman and Crown Prince Mohammed bin Salman, it said.

The move highlights a rapprochement between Riyadh and Ankara after ties suffered a heavy blow with the 2018 killing of Saudi journalist and government critic Jamal Khashoggi in the kingdom’s Istanbul consulate.

Saudi agents killed and dismembered Khashoggi, whose remains have never been found.

Turkiye angered Saudi Arabia by vigorously pursuing the case at the time, opening an investigation and briefing international media about the lurid details of the murder.

US intelligence officials believe the operation was “approved” by Prince Mohammed, though Saudi authorities deny this.

Turkish President Recep Tayyip Erdogan previously said the “highest levels” of the Saudi government ordered the killing, although he has never blamed Prince Mohammed.

Erdogan has pushed hard to revive bilateral ties, a move analysts describe as largely driven by economic considerations.

Last April, he paid his first visit to Saudi Arabia since the Khashoggi killing, where he met Prince Mohammed before travelling to Mecca.

Prince Mohammed followed with a visit to Ankara in June.

Turkiye was already suffering from skyrocketing inflation and a weakening currency before last month’s massive 7.8-magnitude earthquake that rocked huge swathes of the country and parts of Syria, killing more than 50,000 people.

With elections just a few months away, Erdogan must now absorb economic damage estimated at more than $34 billion by the World Bank.

Comments

Comments are closed.

TimeToMovveOn Mar 06, 2023 09:30pm
I thought uncle Erdogan wanted to start an Ummah with IK and Mahatir against the Saudis. Turkey now is depending on Saudi Largeese, mahatir is out, and IK is creating a circus in Pakistan.
thumb_up Recommended (0)