Business

Foreign Exchange Reserves Reduced to $5.9 Billion

Yemen’s reserves of foreign exchange decreased in October 2010 to YR 1 trillion 281 billion, the equivalent of $5.987 billion, covering a period of imports over the course of 8 months.

The net foreign assets of the banking system by the end of last September reached a total of YR trillion 299 billion, equivalent to $6 billion 55 million during the same period.

The report issued by the Directorate General of Research and Statistics at the central bank of Yemen reported that the average price per barrel during the January to October period over the last year was $77.66 at a total of 24.48 million barrels for a sum of $473 million dollars.

The government used most of these proceeds to finance imports of oil derivatives for local consumption, which amounted to $1 billion 526 million. The report pointed out that domestic consumption during the period from January to October reached 20.80 million barrels.

The report said that the total consolidated balance sheet of commercial and Islamic banks  increased by YR 41.4 billion riyals per 2.2% to reach YR 1 trillion 896 billion.

Exchange rates saw an improvement at the end of the month of October, where the exchange rate stabilized at 214.60 after it witnessed a continuous rise during the previous period.