Turkey's Central Bank Returns $5 Billion to Saudi Fund for Development

Jul 24, 2024, 08:40 AM

Turkey's central bank has announced the termination of a $5 billion deposit transaction with Saudi Arabia. The deposit, made before the 2023 election, has been returned to Saudi Arabia following a rapid build-up in Turkey's reserves in recent months. The agreement to end the deposit, which was with the Saudi Fund for Development, was confirmed by both parties, marking a significant financial move for Turkey.