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Saudi Arabia Set to Deposit $5 Billion at Turkish Central Bank

Saudi Arabia Set to Deposit $5 Billion at Turkish Central Bank

A spokesman for the Saudi Ministry of Finance said, on Tuesday, that Saudi Arabia and Turkey are discussing placing a five billion dollar deposit in the Turkish Central Bank.

“We are finally discussing depositing five billion dollars at the (Turkish) central bank,” the spokesman told Reuters.

Despite the strong growth rates achieved by the Turkish economy, supported by exports and tourism, the country’s currency, which suffers from one of the highest rates of inflation, is witnessing sharp declines, against the background of the loose monetary policy of the Turkish Central Bank.

On October 20, the Turkish Central Bank cut interest rates by 150 basis points, to.5 percent. This is part of the series of interest rate cuts that President Recep Tayyip Erdogan has requested.

This permissive policy of the Turkish Central Bank led to a sharp decline in the lira. It lost more than 28 percent of its value this year. This also contributed to the jump in inflation caused by the increase in energy and food prices.

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