Türkiye ends deposit transaction with Saudi Arabia to reduce external liabilities

By Gokhan Ergocun

ISTANBUL (AA) - The Central Bank of Republic of Türkiye has announced on Wednesday that it terminated deposit transaction carried out with Saudi Arabia.

The termination of transaction worth $5 billion was aiming to reduce external liabilities of the country as part of reserve management.

"Our external liabilities have recently improved by approximately USD 7 billion through the reduction of deposit balances," the bank said.

The Saudi Fund for Development decided to hold deposit in Turkish Central Bank in 2023, after ministerial meetings in 2022.