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FINANCIAL NEWS
Yemen’s foreign reserves fall to USD4.9b in October
08 Dec 2014
(MENAFN) Yemen’s Central Bank said that the country’s gross foreign currency reserves registered a decline to reach USD4.9 billion in October, the lowest level since June, as a result of the country’s oil exports falling, The Peninsula Qatar reported.
The Central bank said that the plunge in the country’s oil exports have had a negative effect on the state budget, which resulted in the foreign reserves dropping, which they already include a USD1 billion loan from Saudi Arabia.
The central bank said that Saudi had not asked for an early repayment of the loan and foreign reserves were still enough as well as staying in line with conditions of a USD553 million loan agreed by the International Monetary Fund last July.
Crude oil exports, which together with liquefied natural gas account for around 54 percent of government budget revenue, declined by 45.8 percent compared with the same period last year to reach USD115 million in October, which is the lowest level since May.
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