Saudi Arabia, Yemen sign handover of $2 billion deposit to Central Bank of Yemen

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Saudi Arabia, Yemen sign handover of $2 billion deposit to Central Bank of Yemen

[16/03/2018 01:25]

RIYADH-SABA
Saudi Arabia have signed an agreement whereby the former handed over a promised $2 billion deposit to the Central Bank of Yemen (CBY) to shore up the Yemeni currency.

The agreement was signed by Saudi Finance Minister Mohammed al-Jadaan and CBY governor Mohammed Mansour Zemmam in Riyadh on Thursday.

The deposit, upon the directives of King Salman bin Abdulaziz Al Saud, comes as part of the Saudi continuous support to Yemen. In 2012 Saudi Arabia had deposited $1 billion to CBY in a bid to stabilize the Yemeni Riyal.