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CBY Deputy Governor discusses economic, financial developments with Chinese diplomat

[21/11/2024 03:34]

ADEN - SABA
Deputy Governor of the Central Bank of Yemen (CBY) Dr. Mohammed Omar Banajah discussed Thursday with Charge d'Affaires of Chinese embassy in Yemen Zhao Cheng latest developments in the economic and financial situation.

The two parties also discussed ways to enhance cooperation between Yemen and China.

During the meeting, the Deputy Governor reviewed the financial situation and the reasons for the sharp fluctuations in exchange rates, which are a direct result of the deteriorating economic conditions in the country due to the Houthi militia's attacks on oil export facilities.

This has led to a halt in oil exports, which are the main source of foreign currency funding for the state's treasury and has caused a doubling of the budget deficit and the balance of payments, he said.

He emphasized that the bank's management is working diligently to overcome these challenges by utilizing available monetary policy tools.

For his part, the Charge d'Affaires of the Chinese Embassy reaffirmed his country's commitment to restoring peace and stability in Yemen.
The Chinese government exert efforts to provide support to the Yemeni government in various fields, including the banking sector, to contribute to the implementation of reforms and the efforts being made by the Central Bank, he said.