Saudi Arabia is discussing a deal to inject $5bn into Turkey’s central bank in a move that would shore up Ankara’s foreign currency reserves and mark a further sign of rapprochement between the regional rivals four years after the murder of Jamal Khashoggi.
Riyadh and Ankara are in talks over the potential deposit, a Saudi finance ministry official said, without providing further details. A Turkish finance ministry official confirmed that the two sides were discussing a deposit. “The talks haven’t concluded but they are in the final stages,” he said.
A pact with Saudi Arabia would cap months of efforts by Turkish president Recep Tayyip Erdoğan to repair relations with Crown Prince Mohammed bin Salman and expand commercial ties with the kingdom as the Turkish leader seeks new sources of foreign cash ahead of his re-election bid next year.