According to Saudi Arabia, a $5 billion Deposit with Turkey is Imminent.

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Saudi Arabia and Turkey are in talks about Riyadh depositing $5 billion with the Turkish central bank, a representative for the Saudi Ministry of Finance said on Tuesday.

A Reuters inquiry was answered by the spokeswoman through email with the statement, “We are in final discussions to make a USD 5 billion deposit with the central bank of (Turkey).”

The Turkish central bank chose not to respond to a question about it.
According to a Turkish official with knowledge of the situation, negotiations with Saudi Arabia regarding an exchange or deposit deal are nearing their conclusion.

The pace of discussions between the central banks of the two nations follows a combined initiative by Ankara and Riyadh to repair relations that were strained following the death of Saudi writer Jamal Khashoggi in 2018.

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