Just weeks before the May 14 elections that could determine Turkey’s future direction, President Recep Tayyip Erdogan received strong support: On March 6, the day the opposition nominated Kemal Kilicdaroglu as their candidate, Saudi Arabia made a $5 billion deposit. [4,7 milliards d’euros] to the Central Bank of Turkey to stabilize the country’s currency.
This money does not help people who are still living in tents and suffering from the devastating earthquake on February 6th. On the other hand, it helps prevent the devastating effects of Erdogan’s low interest rate policy. This raises eyebrows and some concerns: is Saudi Arabia, under the leadership of Crown Prince Mohammed bin Salman (MBS), trying to achieve Erdogan’s victory over Kemal Kilicdaroglu?
“I think now we know who MBS wants to see as the winner in Turkey. Timothy Ash, an investment analyst at London-based firm BlueBay Asset Management, wrote in a note. It should be noted that this Saudi loan is unconditional.”
Russian gas is supplied at a low price
Saudi Arabia is not alone. On the eve of the elections, a coalition of autocratic countries has clearly rallied behind the Turkish president. According to Foreign policy, “Russia has poured huge capital into the Turkish economy” last year. The Turks could also use gas supplied from Russia at a relatively low price.
Meanwhile, the United Arab Emirates (UAE) signed a $40 billion trade deal on March 3. [37,640 milliards d’euros] more than five years with Turkey.
True, Turkey has just experienced a thousand-year-old catastrophe and is in desperate need of outside help.
Source: Courrier International
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