<p>Saudi Arabia said Monday it was depositing $5 billion in Turkey's central bank, a potentially major boost as the country grapples with inflation and damage from last month's earthquake ahead of presidential elections.</p>.<p>Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement.</p>.<p>"This deposit is a testament to the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people," the statement said.</p>.<p>The decision, which will shore up Turkey's foreign reserves and help it combat inflation, was made on the order of King Salman and Crown Prince Mohammed bin Salman, it said.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/international/world-news-politics/earthquakes-caused-51-billion-in-damage-in-syria-world-bank-estimates-1197016.html" target="_blank">Earthquakes caused $5.1 billion in damage in Syria, World Bank estimates</a></strong></p>.<p>The move highlights a rapprochement between Riyadh and Ankara after ties suffered a heavy blow with the 2018 killing of Saudi journalist and government critic Jamal Khashoggi in the kingdom's Istanbul consulate.</p>.<p>Saudi agents killed and dismembered Khashoggi, whose remains have never been found.</p>.<p>Turkey angered Saudi Arabia by vigorously pursuing the case at the time, opening an investigation and briefing international media about the lurid details of the murder.</p>.<p>US intelligence officials believe the operation was "approved" by Prince Mohammed, though Saudi authorities deny this.</p>.<p>Turkish President Recep Tayyip Erdogan previously said the "highest levels" of the Saudi government ordered the killing, although he has never blamed Prince Mohammed.</p>.<p>Erdogan has pushed hard to revive bilateral ties, a move analysts describe as largely driven by economic considerations.</p>.<p>Last April, he paid his first visit to Saudi Arabia since the Khashoggi killing, where he met Prince Mohammed before travelling to Mecca.</p>.<p>Prince Mohammed followed with a visit to Ankara in June.</p>.<p>Turkey was already suffering from skyrocketing inflation and a weakening currency before last month's massive 7.8-magnitude earthquake that rocked huge swathes of the country and parts of Syria, killing more than 50,000 people.</p>.<p>With elections just a few months away, Erdogan must now absorb economic damage estimated at more than $34 billion by the World Bank.</p>
<p>Saudi Arabia said Monday it was depositing $5 billion in Turkey's central bank, a potentially major boost as the country grapples with inflation and damage from last month's earthquake ahead of presidential elections.</p>.<p>Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement.</p>.<p>"This deposit is a testament to the close cooperation and historical ties that exist between the Kingdom of Saudi Arabia and the Republic of Turkey and its brotherly people," the statement said.</p>.<p>The decision, which will shore up Turkey's foreign reserves and help it combat inflation, was made on the order of King Salman and Crown Prince Mohammed bin Salman, it said.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/international/world-news-politics/earthquakes-caused-51-billion-in-damage-in-syria-world-bank-estimates-1197016.html" target="_blank">Earthquakes caused $5.1 billion in damage in Syria, World Bank estimates</a></strong></p>.<p>The move highlights a rapprochement between Riyadh and Ankara after ties suffered a heavy blow with the 2018 killing of Saudi journalist and government critic Jamal Khashoggi in the kingdom's Istanbul consulate.</p>.<p>Saudi agents killed and dismembered Khashoggi, whose remains have never been found.</p>.<p>Turkey angered Saudi Arabia by vigorously pursuing the case at the time, opening an investigation and briefing international media about the lurid details of the murder.</p>.<p>US intelligence officials believe the operation was "approved" by Prince Mohammed, though Saudi authorities deny this.</p>.<p>Turkish President Recep Tayyip Erdogan previously said the "highest levels" of the Saudi government ordered the killing, although he has never blamed Prince Mohammed.</p>.<p>Erdogan has pushed hard to revive bilateral ties, a move analysts describe as largely driven by economic considerations.</p>.<p>Last April, he paid his first visit to Saudi Arabia since the Khashoggi killing, where he met Prince Mohammed before travelling to Mecca.</p>.<p>Prince Mohammed followed with a visit to Ankara in June.</p>.<p>Turkey was already suffering from skyrocketing inflation and a weakening currency before last month's massive 7.8-magnitude earthquake that rocked huge swathes of the country and parts of Syria, killing more than 50,000 people.</p>.<p>With elections just a few months away, Erdogan must now absorb economic damage estimated at more than $34 billion by the World Bank.</p>