Saudi Arabia prolongs Yemen central bank’s deposit

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By Esraa Ibrahim
Assistant Minister of Finance Abdulaziz Al-Rasheed and chairman of Yemen Central Bank Photo credit : Mohamed AlJabir, the Saudi Ambassador to Yemen, official account on Twitter.

Saudi Arabia has prolonged a deposit, which gave it to the central bank of Yemen’s internationally recognized government in 2018, the kingdom’s ambassador said on Monday. The country agreed to pay the final instalment of the pledged $2 billion.

“The 2018 deposit duration would be extended and this will support Yemen’s currency and economy.” The Saudi Arabian finance ministry said on Monday. “The final instalment that would be paid amounted to $174 million.” The central bank, in Aden, the interim headquarters of Yemen’s internationally recognized government, said.

“Work is also under way to discuss the governance and mechanism of the deposit, which was provided by the Kingdom and the UAE in the amount of $2 billion,” Saudi Arabia’s ambassador to Yemen Mohammed Al Jaber said in a tweet.

Saudi Arabia leads a military alliance that stepped against the Iran-backed Houthi rebels in 2015. After the group forced out Yemen’s internationally recognized government from power in the capital Sanaa the previous year. The central bank is now dividing into Houthi-controlled Sanaa and the internationally recognized offices in Aden. Saudi Arabia last month pointed that it would arrange a new support package of $3 billion for Yemen’s economy, comprising $2 billion from Riyadh and another $1 billion from the UAE.

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