Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

A Translation Guide To Progressive Slavespeak

June 30, 2025

Homebuyers still have down payment misconceptions

June 30, 2025

Dry weather pushes up UK food inflation as harvests suffer

June 30, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Monday, June 30
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Economic News»Turkey returns $5bn Saudi deposit in show of economic confidence
Economic News

Turkey returns $5bn Saudi deposit in show of economic confidence

July 24, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Access the Editor’s Digest for free

Roula Khalaf, Editor of the FT, handpicks her favorite stories for this weekly newsletter.

Turkey’s central bank has returned a $5 billion deposit to Saudi Arabia, highlighting Ankara’s progress in rebuilding its foreign currency reserves as part of its economic recovery efforts.

The deposit agreement between Turkey and the Saudi Fund for Development, signed in March 2023, was mutually terminated, as announced by the Turkish central bank on Wednesday.

This move by Turkey to end the agreement reflects President Recep Tayyip Erdoğan’s shift towards more conventional policies following his re-election in May 2023, which has helped stabilize the country’s $1 trillion economy.

Erdoğan stated, “Turkey is on the right path and is making steady progress towards its goals,” pointing to Moody’s Ratings recent decision to upgrade Turkey’s credit rating by two notches.

Under the leadership of finance minister Mehmet Şimşek, policymakers have been focused on replenishing Turkey’s foreign currency reserves, which had been depleted in previous years under Erdoğan’s low interest rate policies and pre-election spending spree.

Line chart of Net foreign assets ($bn) showing Turkey rebuilds its foreign currency reserves

The removal of the $5 billion Saudi deposit is not expected to impact Turkey’s net foreign assets, which have seen a significant recovery since the election in May 2023.

Şimşek mentioned that despite ending the deposit agreement, the collaboration between Turkey and Saudi Arabia on economic and financial matters will continue.

Recent visits by senior Saudi officials to Turkey indicate the ongoing normalization process between the two countries, with agreements being signed in various sectors such as defense and coordination.

The statement from the official Saudi Press Agency highlighted the progress in Saudi-Turkish relations across political, economic, and security domains.

text in a different way:

Give the text a different twist:

“Rewrite the text to give it a fresh perspective.”

5bn confidence Deposit Economic returns Saudi show Turkey
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

A Translation Guide To Progressive Slavespeak

June 30, 2025

Dry weather pushes up UK food inflation as harvests suffer

June 30, 2025

Canada Scraps Digital Service Tax On U.S. Tech Giants To Revive Trade Talks

June 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

EU Unveils New Sanctions To Counter Russian Hybrid Warfare

October 11, 20240 Views

A guide to self-directed IRAs: Here’s what you can invest in and how to open an account

July 1, 20240 Views

Best energy ETFs: Top oil, gas and clean energy funds

September 24, 20240 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Economic News

A Translation Guide To Progressive Slavespeak

June 30, 20250
Real Estate

Homebuyers still have down payment misconceptions

June 30, 20250
Economic News

Dry weather pushes up UK food inflation as harvests suffer

June 30, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.