Saudi deposit of $5 billion with Turkish central bank reflects Gulf bet on long-term regional cooperation

Saudi deposit of $5 billion with Turkish central bank reflects Gulf bet on long-term regional cooperation

DUBAI, United Arab Emirates-

Saudi Arabia said Monday it had deposited $5 billion in the Turkish central bank, likely helping Ankara firm up its long-weakening currency, the lira, after last month's massive earthquake that struck southeast Turkey and northern Syria.

The deposit provides a capstone for just how far relations have improved between the kingdom and Turkey after years of tensions between them. It could also be an indicator of how regioanl relations could evolve in the next period.