Yemen`s Central Bank approves of withdrawal from Saudi deposit of $70 million

Aden (Debriefer)
2019-03-26 | Since 1 Year

Central Bank of Yemen in Aden

The Central Bank of Yemen approved on Monday withdrawal of the 19th batch of Saudi deposit to cover bank's credits.The value of the 19th batch is USD 70.0 million, earmarked for a number of commodity dealers representing the 13th installment, for a number of traders to import commodities and basic materials in all Yemeni governorates.

Noting that the deposit was intended to finance essential items for all traders without exception and that the prices were fixed at the exchange rates of the year 2018.

With the approval of the withdrawal of the 19 th installment, the total amount withdrawn by the Central Bank of Yemen from the Saudi deposit is about $ 834.7 million so far, to cover documentary credits for the importation of commodities, of which wheat was at the forefront of 47 percent.

The Central Bank of Yemen has foreign reserves of more than three billion dollars, two billion dollars deposited by Saudi Arabia into the CBY at the beginning of last year, as well as $200-million grant promised by the Kingdom early last October to shore up the bank's financial position and revive Yemeni economy.

Yemen, the poorest Arabian Peninsula country, imports more than 90 percent of its food.

Yemen has been racked by a conflict which broke out in late 2014 and divided the country into two parts- one is run by the Houthis and the other by the government of internationally recognised president Abdurabbuh Mansur Haid and the Saudi-led coalition.

Public servants in the Houthi-run regions have not received salaries since September 2016 when the Central Bank of Yemen was relocated from the Houthi-run Sanaa to the temporary capital Aden. Sometimes the group gave them half their salaries.

In June, civil service minister, Talal Aqlan, said they had removed 25.000 public servants from the payrolls for absenteeism and collaboration with the coalition.

80.000 employees at the defence ministry and 26.000 employees at the interior ministry were considered fake employees as well, the minister said.

Yemen is facing the world's worst humanitarian crisis, with around 22.2 million people out of 29 million population in need of humanitarian or protection assistance, according to the UN.

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