A statement by the Saudi Fund for Development (SFD) said the agreement was signed by SFD chairman Ahmed Al-Khateeb and bank governor Sahap Kavcioglu.

"This deposit comes as an extension of the historic relations and close cooperation between the Kingdom of Saudi Arabia and the Republic of Türkiye and its brotherly people," SFD said in the statement.

In December 2022, Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said the oil-rich kingdom will make a deposit of $5 billion in the Turkish Central Bank.