Central Bank: Exhaustion of foreign reserve complicated fiscal situation

Yemen stresses importance of continuing enhance capabilities to achieve regional security

The Republic of Yemen is participating in the meetings of the Board of Governors of the International Atomic Energy Agency, which were attended by a delegation headed by the Yemeni Ambassador and Permanent Representative to the United Nations Office at Vienna, Haitham Shuja'aldin.

Bulgaria's Kozloduy Nuclear Plant Partners with 4 Universities to Train Future Staff

Kozloduy Nuclear Power Plant (NPP) - New Builds EAD signed framework agreements with four Bulgarian universities to collaborate on staffing future projects, attended by Energy Minister Zhecho Stankov and Education Minister Krasimir Valchev.

More than 1,500 flights canceled in U.S. amid ongoing government shutdown

Airlines canceled more than 1,500 flights in the United States today, Monday, for the fourth consecutive day, amid continued government flight reductions and the absence of air traffic control staff.

Croatia Qualifies for 2026 World Cup with Thrilling Win Over Faroe Islands

Croatia secured a spot in the 2026 World Cup in the United States, Mexico, and Canada after defeating the Faroe Islands 3-1.

Last Update: ، 2025/11/20 Time 10:05:21
Latest News:

Taiz Deputy Governor receives project to network Madam Valley Flood Channel

Taiz Deputy Governorate discusses with Resident Representative for Humanitarian Affairs strengthening ..

Health Minister says German interventions in health sector were useful

Yemen and Jordan Strengthen Bilateral Cooperation in Food and Drug Sectors

President al-Alimi receives credentials of Russian Federation Ambassador

Central Bank: Exhaustion of foreign reserve complicated fiscal situation

[28/10/2017 07:06]

ADEN-SABA

Exhaustion of foreign reserve, amounted to USD 5.4 billion in 2014 to less than USD 600 million in May 2016, has led to suspension of the bank's foreign accounts by client banks, said a report issued by the Central Bank of Yemen in the transitional capital of Aden.

"Depleting the foreign reserve led to running down solutions for tackling the bank's situation and its failure of fulfilling internal commitment in paying salaries since July 2016 and its failure since May 2016 of honoring foreign commitments of paying foreign debts," added the report.

According to the report, the depletion of the foreign reserve has also led to running out cash reserve of the national currency during the same period and resorting to pump old banknotes- to be wasted- to the markets, as well as the bank's failure of printing banknotes and receiving foreign debts.

The report pointed out to efforts and successes achieved by the bank's leadership, which started since the first day on preparing a short-term plan. The plan covered the final quarter of the year 2016 till September 2017.

The leadership of the bank communicated with the International Monetary Fund and the World Bank on October 2017 and agreed on providing technical and consultative support to the central bank in Aden, including informative systems for fighting money laundering and financing terrorists, said the bank's report.