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President al-Alimi holds session with Board of Directors of the Central Bank

[01/02/2023 07:03]

ADEN - SABA
His Excellency President Dr. Rashad al-Alimi, Chairman of the Presidential Leadership Council along with the Member of the Presidential Council Abdurhman al-Mahrami convened a meeting today, Wednesday, with the Directors of the Central Bank of Yemen (CBY) to discuss the bank's efforts to control the monetary policy and ongoing reforms to bolster the banking sector's role and absorb the financial pledges of the allies, regional and international donors.

The Governor of the CBY Ahmed Ghalib provided an informative presentation about the current economic, financial and monetary position, the policies and measures have been endorsed to improve the banking sector's action in dealing with the changes, enhance its efficiency in administering the financial pledges of the regional and international donors.

The discussions touched upon the achievements realized in terms of the stability of the national currency exchange rates at average of 1100 Yemen Rial (YR) for $1 last year comparing to 1750 YR for $1 in 2021.

The deliberations also covered a range of topics including the monetary policy has been adopted by the CBY to re- inject the financial cycle in the banking sector, withdraw the surplus currency, avoiding printing banknote, the earnings of the banking auctions and the contribution these banking auctions made to secure the State's necessary expenditures, first and foremost regular payments of the salaries of the civil service' employees, pensioners, armed and security forces, diplomatic corps, the due payments of the students abroad in addition to the basic services expending that reaches up to $100 million per month for electricity alone.

The Chairman of the Presidential Leadership Council praised the CBY's role in rationally managing the monetary policy.