Yemen's Forex reserves fall 21bn Yemeni riyal in March 2014

Yemen's Forex reserves amounted to 1.58 trillion YemeniRiyals (YR) last March 2014, recording a decline of YR 21 billion compared withFebruary.A report issued by the Central Bank of Yemen (CBY) and Saba got a copy of it,indicated that the covering of the Forex reserves to Yemen's imports of basiccommodities declined from 5.4 months in February, compared to 3.5 months inMarch.According to the report, the Central Bank covered the import bill of oil derivativesand basic foodstuffs in March with an amount equal to $ 332 million.Furthermore, the CBY's budget recorded a slight decrease estimated at YR 1.4 billionto score the current balance amounting YR 2.5 trillion, and the net claims on thegovernment decreased in March about YR 3 billion from February to record abalance due of YR 1.88 trillion.In return, the claims on the non-governmental sector recorded YR 814 billion inMarch, with a slight increase amounted to YR 300 million compared with February.The report also pointed out that the money supply increased to YR 3.5 trillion inMarch, with an increase of YR 26 billion compared with the preceding February.