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CBY Manager: Saudi deposit a good omen for resolving currency crisis

[12/11/2017 05:17]

ADEN-SABA
The Manager of the Central Bank of Yemen (CBY) Munassar al-Qoayti said on Sunday that the Saudi announced deposit of $2 billion to be placed in the CBY "will undoubtedly be a good omen … that a series of measures and economic assistance will bring the normal life back again at a quickened pace."

In a statement to Saba on Sunday, Qoaytisaid the deposit "will be a significant factor to establish firm the trust of the regional and international institutions in the national Yemeni economy."

Al-Qoayti expects stability in the value of Yemeni Rial, regain of normalcy in cities, reconstruction and a boost to the government's good governance and improved functionality of the CBY, as a result of the Saudi promised deposit and a year's supply of oil derivatives to Yemen.

"The current difficulties are on their way to be resolved and the Yemeni rial will rise above its crisis soon," he said.

"The coming days will witness a quality presence of the Central Bank in the capital Aden and all other provinces, mainly the government-held ones."