South Arabia
Central Bank of Yemen in Aden Takes Measures to Maintain Prices of National Currency
[su_label type=”info”]SMA News – Aden – Exclusive [/su_label][su_spacer size=”10″] In its meeting in Aden on Tuesday July 31st, 2018, board of Central Bank of Yemen decided to withdraw the first patch of Saudi deposit to cover bank credits for essential materials with total of 20.428.000 USD. The meeting also confirmed the second patch of banks’ demands to cover credits from the Saudi deposit and to complete procedures according to certified mechanisms in addition to issuing deposit certificates to commercial banks with interest rate of 17%.
The board also confirmed issuing governmental bonds with interest rates up to 12% for 1 – 3 years and issuing proxy deposits for Islamic banks with net profit of 13% at selling according to mechanisms defined by Islamic Monitoring Agencies.
The meeting discussed the report of monitoring sector and results of field visits of technical inspection teams to exchange offices in addition to confirming the closing of all violating offices and filing their reports to concerned bodies for legal actions.
The board demanded all citizens not to listen to false rumors deliberately spread by some bodies as increasing prices will have harmful economic effects over all citizens everywhere in Yemen.
The board asserted that the Central Bank is committed to cover all credits that meet the requirements for essential materials financed by the Saudi deposit of 2 billion USD. The board also asserted that all mechanisms of the Saudi deposit are now launched in an easy way according to conditions of the Central Bank and with Joint cooperation with ministry of finance and Saudi Arab Fund Association.
The board also confirmed issuing governmental bonds with interest rates up to 12% for 1 – 3 years and issuing proxy deposits for Islamic banks with net profit of 13% at selling according to mechanisms defined by Islamic Monitoring Agencies.
The meeting discussed the report of monitoring sector and results of field visits of technical inspection teams to exchange offices in addition to confirming the closing of all violating offices and filing their reports to concerned bodies for legal actions.
The board demanded all citizens not to listen to false rumors deliberately spread by some bodies as increasing prices will have harmful economic effects over all citizens everywhere in Yemen.
The board asserted that the Central Bank is committed to cover all credits that meet the requirements for essential materials financed by the Saudi deposit of 2 billion USD. The board also asserted that all mechanisms of the Saudi deposit are now launched in an easy way according to conditions of the Central Bank and with Joint cooperation with ministry of finance and Saudi Arab Fund Association.
