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Zemam: Revenues follow into YCP, Saudi donations will help economic recovery
[11/10/2018 03:36]
Governor of Central Bank of Yemen (CYB) Dr Mohammed Mansour Zemam stated that all state's revenues are being supplied to the HQ of CYB in the temporary capital Aden and procedures have been made to linkage data with Marib.

The government has a plan to resume oil production and export a matter will certainly help boosting the state's returns and contribute toward economic and currency recovery.

Speaking at press conference held in Aden Thursday in the CYB's HQ in Aden Zemam said communications started with the CYB's branch in Marib with the aim of know-how to supply the deposits into the CYB in Aden.

He stated that total amount of Al-Massila's crude oil exports is $150 million per two months. This amount is distributed as follow: $30 million operation budget for Al-Massiala Company. More than $20 million is the portion of Hudramout province. $50 million the cost of electricity fuels in Aden and surrounding areas.

Zemam added saying: No donations provided by any country to the CYB except for the grants offered by Kingdom of Saudi Arabia: $2 billion provided as deposit in the CYB, $200 million and $60 million donation for electricity fuels.

He explained that the government earlier used to buy electricity fuels with total cost $25 million, while now it has to purchase the same quantity at $50 million due to rise in fuels prices globally.

Concerning to the Saudi $2 billion deposit Zemam stated that it is jointly administered by Yemeni and Saudi sides. Requests by key traders for importing basic subsidized commodities are received and submitted in forms of payments to Saudi side to be approved, then procedures go normally. Requests for four payments were submitted so for, three payments were already approved, the fourth one is still in await for approval.

For small payments less than $200,000 the government provides such amounts.

The basic subsidized commodities are wheat, rice, sugar, milk and cooking oil.

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