Turkiye pays $5bn Saudi deposit in show of economic strength

A view of the Central Bank of the Republic of Turkiye (CBRT) building in Ankara, Turkiye on July 27, 2023 [Mustafa Çiftçi/Anadolu Agency]

Turkiye’s central bank has handed back to Saudi Arabia a $5 billion deposit, the Financial Times reports.

According to the paper, the deposit agreement Turkiye forged with the Saudi Fund for Development in March 2023 was terminated by mutual agreement, the central bank said yesterday.

“Turkiye is on the right track and is moving towards its goals with sure steps,” President Recep Tayyip Erdogan said yesterday, pointing to the recent decision by Moody’s Ratings to increase Turkiye’s credit rating two notches.

This comes as policymakers have made it a priority to refill Turkiye’s foreign currency coffers that were depleted in recent years.

READ: Turkiye’s central bank hikes interest rate to 50%

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