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Grant to Central Bank Helped Stop Collapse of Yemeni Rial

Yemen’s Central Bank Governor has confirmed that the Kingdom of Saudi Arabia was the only country that contributed a grant to the central bank, according to the governor Mohammed Zemam who said that such a move is reassuring commercial and banking sectors of the government’s control over the exchange market and stability of the Yemeni rial.

The Yemeni rial exchange rate has collapsed to an unprecedented rate in the past weeks before the Saudi government intervened by granting USD 200 million.

“The new measures taken by the Central Bank to stop the deterioration of the rial, revive the banking sector and restore the bank’s activity in various branches,” the Governor of the Central Bank noted during a press conference in the southern port city of Aden on Thursday.

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

He as well 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.

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

Mohammed Zemam 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 legitimate 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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