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Why is Saudi Arabia depositing billions of dollars in a Turkish bank? ocn news

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latest news from OCN,

A spokesman for the Saudi Foreign Ministry said that Saudi Arabia is talking about depositing five billion dollars to the Central Bank of Turkey.

According to Saudi media, the country’s economy is under severe pressure due to Turkey’s inflation rate of more than 85%. In such a case, the deposit of money by Saudi Arabia can help to expand Turkey’s foreign exchange facilities.

In response to an email sent by the Saudi Ministry of Foreign Affairs, the spokesman said that consultations on the infusion of five billion dollars with the Central Bank of Turkey are in the final stages.

On the other hand, the Central Bank of Turkey refused to say anything about this. However, a Turkish official familiar with the talks said talks on an investment deal with Saudi Arabia are in the final stages.

In addition, analysts say that Saudi Arabia’s contribution could help Turkish President Recep Tayyip Erdogan consolidate popular support ahead of elections in June next year.

If this agreement is reached, it will also be a sign that bilateral relations have been restored after the end of tensions between the two countries for many years.

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