Saudi Arabia It said on Monday it deposited USD 5 billion with Turkey’s central bank, likely to help Ankara shore up its long-weakening currency, the lira, after last month’s massive earthquake in the southeast. helped in the turkey and northern Syria.
The kingdom made the announcement in a statement on the state-run Saudi Press Agency, describing it as “proof of the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Turkey and its fraternal people.”
The statement offered no details on how the cash would be used or whether the state could call to return the amount. However, such deposits can help strengthen exchange rates for a country’s currency against other currencies internationally.
Also read: Fans shower football field with toys for earthquake-affected children in Turkey
Turkey has been struggling with high inflation and a weak lira even before the February 6 earthquake and its many aftershocks. A year ago, USD 1 bought you 14.26 lira. Today, USD 1 is worth 18.90 Lira.
The earthquake killed around 50,000 people – mostly in Turkey. About 204,000 buildings in Turkey either collapsed or were severely damaged, leaving millions homeless.
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