The Central Bank reveals new developments about the date of signing the new deposit

SMA NEWS – ADWEN THE CAPITAL
The Board of Directors of the Central Bank in the capital, Aden, revealed “positive” developments and signals it received from the brothers in the Kingdom of Saudi Arabia about the date of signing the new deposit and agreeing on the reform program associated with it with the Arab Monetary Fund in the next few days.
This came during the meetings of the Bank’s Board of Directors in its sixth session headed by the Governor of the Bank and in the presence of the Deputy Governor and the rest of the Board members, which was held at the Central Bank headquarter in Aden, to discuss a number of issues and developments in the internal and external balances, including the actual implementation status of the state’s general budget during the first half of this year and expectations for resources and expenditures during the coming period, as well as the status of the balance of payments, internal and external public debt, and the status of external reserves in light of existing commitments and available resources.
The Board also discussed many developmental issues that are being implemented with the help of donors from friendly countries and organizations, including restructuring the banking supervision sector, to keep pace with the rapid developments in the financial and banking sector, reorganizing the exchange sector, and establishing a general administration for managing external reserves, and a general administration for communication and technical support.
the Board approved the selection of the Supervisory Board and observer with expertise and high qualifications in the field of Islamic financing tools and formulas, which the Bank intends to issue in the near future, in addition to traditional bonds secured against exchange rate fluctuations within the framework of the Bank’s plan to withdraw excess liquidity to achieve the stability of the national currency exchange rate and prices are in implementation of the policy of stopping inflationary financing of the budget deficit, which has been applied since the beginning of this year, in addition to what it is doing through weekly auctions to sell foreign currency, which are aimed at achieving economic stability and financial sustainability.
The Board was also briefed on the positive developments and the indications it received from the brothers in the Kingdom of Saudi Arabia about the date of signing the new deposit and agreeing on the reform program related to it with the Arab Monetary Fund in the next few days, in which the Board welcomed these developments and valued the continuous support of the Bank from the brothers in the Kingdom of Saudi Arabia and the United Arab Emirates in all fields, especially in these critical and exceptional circumstances.