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Zammam says revenues within govt administered areasgoto central bank

[11/07/2018 05:39]

ADEN-SABA
The governor of Yemen's central bank, Dr. Mohamed Zammamsaid that all revenueswithin the government-administered areas, including revenues from crude oil sales, go to the central bank.

Zammam made the remarks during a meeting with the Humanitarian Coordinator, the resident representative of the UNDP Lisa Grandein Aden on Wednesday.

They addressed several economic issues including the failure of the rebel militia to hand over revenues to the government, the constrain on stateexpenditures as a result,and the weak purchasing power of the Yemenii Riyal.

Zammamstressed the need to increase the Riyal power so that the essential commodities can be afforded in the market. The assistance Yemen receives does not cover 10% of the needs, he said.

They discussed the salaries that have not been paid to civil servicemen since August 2016, an issuelinked to the Houthiwithholding of public revenues under their control.

He pointed to the central bank's involvement of the commercial banks in financingthe import of basic commodities.
He said that the Saudi $2 billion deposit in the bank has helped the bank to a large extent to activate its fiscal instruments and finance the import of commodities.