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FINANCIAL NEWS
Saudi Arabia to deposit USD2b to support Yemeni currency
21 Feb 2017
(MENAFN) Yemeni President, Abd Rabbo Mansour Hadi, said that Saudi Arabia agreed to deposit USD2b in the central bank in Aden to shore up the deteriorating Yemeni rials.
According to the state-run Saba news agency, Hadi said the kingdom agreed to his country’s request to deposit the amount in the bank to “boost financial stability and strengthen confidence in the national economy.”
Earlier last week, Yemen’s currency dropped at a record speed, hitting 380 against the US dollar for the first time since Al Houthi grab of power 2014.
However, to make things worse, Aden government accused last year the rebel movement of plundering the country”s foreign reserves, which prompted Hadi into ordering relocation of the central bank to Aden.
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MENAFN2102201700450000ID1095261457
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