Central Bank: Exhaustion of foreign reserve complicated fiscal situation

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Central Bank: Exhaustion of foreign reserve complicated fiscal situation

[28/10/2017 07:06]

ADEN-SABA

Exhaustion of foreign reserve, amounted to USD 5.4 billion in 2014 to less than USD 600 million in May 2016, has led to suspension of the bank's foreign accounts by client banks, said a report issued by the Central Bank of Yemen in the transitional capital of Aden.

"Depleting the foreign reserve led to running down solutions for tackling the bank's situation and its failure of fulfilling internal commitment in paying salaries since July 2016 and its failure since May 2016 of honoring foreign commitments of paying foreign debts," added the report.

According to the report, the depletion of the foreign reserve has also led to running out cash reserve of the national currency during the same period and resorting to pump old banknotes- to be wasted- to the markets, as well as the bank's failure of printing banknotes and receiving foreign debts.

The report pointed out to efforts and successes achieved by the bank's leadership, which started since the first day on preparing a short-term plan. The plan covered the final quarter of the year 2016 till September 2017.

The leadership of the bank communicated with the International Monetary Fund and the World Bank on October 2017 and agreed on providing technical and consultative support to the central bank in Aden, including informative systems for fighting money laundering and financing terrorists, said the bank's report.