Saudi support to Yemeni economy highlighted

The Comprehensive Humanitarian Back-up Centre in Yemen has taken note of a statement announced by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) in Yemen to rescue the Yemeni currency (YR) on October 5.

The Saudi Ambassador to Yemen, the executive director of the Comprehensive Humanitarian Back-up Centre in Yemen, and the supervisor of the Saudi Programme for the Development and Reconstruction of Yemen Mohammed bin Saeed Al-Jaber, said that Saudi Arabia has presented a number of initiatives and measures to support and strengthen Yemen local currency.

Economic and humanitarian aid to improve the situation, in Yemen, included provision of a deposit of $2 billion from the Kingdom of Saudi Arabia to the Central Bank of Yemen, in addition to the $1 billion, previously deposited, and the Kingdom has transferred $200 million to the Central Bank, the Saudi Press Agency (SPA) reported.

Al-Jaber added that this support falls in line with completing the support of the Yemeni economy, on October 2, which led to a rise of its rate of exchange to SR185 to date. It also covered the provisions of basic commodities from the Saudi deposit through the Central Bank for all Yemenis, without distinction or discrimination, he asserted.

The Kingdom has provided another $1.18 billion, in collaboration with the Emirates and Kuwait to support the United Nations Humanitarian Response Plan for Yemen, in 2018, as well as other international support to United Nations organisations.

He called upon United Nations organisations to assist the Central Bank of Yemen and contribute, in a practical manner, to saving of the Yemeni Riyal, by depositing funds in the Central Bank of Yemen account, instead of depositing them in the accounts of Yemeni commercial banks, outside Yemen, which do not transfer them to Yemen.

To increase the volume of speculations on foreign exchange, within Yemen, and to rise the value of the Yemeni Riyal, the centre is in coordination with international organisations and the Yemeni government, he concluded.