Turkey’s central bank has handed back to Saudi Arabia a $5bn deposit, underscoring Ankara’s progress in replenishing its foreign currency stores as part of its economic turnaround effort.
The deposit agreement Turkey forged with the Saudi Fund for Development in March 2023 was terminated by mutual agreement, the Turkish central bank said on Wednesday.
Turkey’s move to unwind the agreement is the latest sign of how President Recep Tayyip Erdoğan’s pivot to more conventional policies following his re-election in May 2023 is steadying the country’s $1tn economy.
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