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The CBY discusses positive impacts of Saudi deposit

[23/01/2018 02:56]

ADEN-SABA
The Central Bank of Yemen(CBY) held its first meeting of 2018 on Tuesday in the interim capital Aden. The session chaired by the governor of the CBY Munassar Al-Qoa'iti and attended by Minister of Finance Ahmed Obeid Al-Fadhli.

The meeting aimed to discuss how to better use the Saudi deposit totaling $2billion to improve the value of the Yemeni national currency.

The meeting touched upon the requirements of regulating the foreign exchange market and aspects of using the currency exchange businesses to increase the foreign reserves and prop national currency exchange rate. Given that the CBY is set to undertake the implementation of the government's policy to ensure basic commodity supplies and improve the level of supply in the operating banks in Aden to enable their capacities to run their businesses effectively.

The meeting of the board of directors of the CBY has approved to issue instructions to the banks and businesses of currency exchange to relocate their headquarters in Aden and take necessary measures to put this in place.

The CBY governor touched upon the efforts have been made by the CBY in cooperation with the Ministry of Finance to implement the parameters of the state general budget in 2017 and to activate the CBY's account with the corresponding banks and to build capacities of the bank's workers with great sponsorship by the Saudi Arab Monetary Corporation.