Saudi Arabia transfers $2 billion promised deposit to Central Bank of Yemen

Saudi Arabia transfers $2 billion promised deposit to Central Bank of Yemen

Saudi Arabia has transferred a promised deposit of $2 billion to shore up Yemen's rapidly depreciating Riyal currency to the Central Bank of Yemen (CBY).

A transfer agreement was signed between Saudi Finance Minister Mohammed al-Jadaan and CBY governor Mohammed Mansour Zammam in Riyadh on Thursday.

The deposit is the second after 2012's deposit of $1 billion to the CBY in Sana'a that helped re-stabilize the Riyal from depreciated triggered by the 2011 upheaval.

Upon the signature of the latest deposit late on Thursday, the Yemeni Riyal regained some of its exchange value to 120 Yemeni Riyals for one Saudi Riyal in comparison to 131 for a Saudi Riyal in the day before the deposit.

 

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