Yemen's foreign currency reserves decrease in January 2014

Yemen's foreign currency reserves declined to $5.23 billion in January 2014, with a decrease amounted to $120 million of the reserves of December 2013. Comparing to the recorded reserves in January 2013 reached $6.23 billion, the decline exceeded $1 billion in one year, according to the data of the Central Bank of Yemen (CBY). The Bank attributed the decline to the government's continuation to spend on the petroleum products and basic foodstuffs import which reached last January $320 million. The reserves recorded by the end of January cover only from 5 to 6 months of Yemen's imports of basic goods and services, the Bank's data showed.