Saudi Arabia Announces $5 Billion Help For Turkey

Saudi Crown Prince Mohammed bin Salman (L) arrives to attend the "APEC Leaders' Informal Dialogue with Guests" event during the Asia-Pacific Economic Cooperation (APEC) summit in Bangkok, Thailand, on Nov. 18, 2022. Rungroj Yongrit/POOL/AFP via Getty Images

Saudi Arabia will be depositing $5 billion in Turkey’s central bank, a move expected to boost Turkish currency rates as the country recovers from a massive earthquake.

The deposit will be made via the Saudi Fund for Development (SFD) and was announced by the Saudi finance minister in December.