Yemeni Central Bank Governor: We Only Received a Saudi Grant

Yemeni Central Bank Governor: We Only Received a Saudi Grant

Friday, 12 October, 2018 - 09:15
© Reuters
Aden- Asharq Al-Awsat
The Governor of the Central Bank of Yemen, Mohammed Zammam, affirmed that Saudi Arabia was the only country that offered a grant to the bank, reassuring commercial and banking sectors of the government's control over the exchange market and stability of the Yemeni rial.

The rial exchange had collapsed to an unprecedented rate in the past weeks before the Saudi government intervened by granting USD200 million.

Zammam, during a press conference in Aden on Thursday, said the new measures taken by the Central Bbank to stop the deterioration of the rial, revive the banking sector and restore the bank’s activity in various branches.

He added that the state’s revenues are being exported to the Central Bank headquarters in the temporary capital, Aden.

The governor confirmed that no grants were offered to the central bank from any brotherly or friendly country, except for the three grants offered by the Kingdom.

He explained that the Saudi deposit is managed jointly by the Saudi and Yemeni sides.

Zammam asserted that the Central Bank is currently performing its full tasks, and all its branches in liberated provinces are now operating in cooperation with the headquarters in Aden.

The Yemeni government and the economic committee, formed by President Abdu-Rabbu Mansour Hadi, are striving to restore stability to the exchange rate and revive the Central Bank.

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