Local News

Financial Situation & Exchange Rate Are Stable

National Yemen

By NY Staff

Despite the difficult political situation experienced by Yemen, the Governor of the Central Bank of Yemen, Mohamed Awad Bin Hamam, has confirmed that the economic and monetary situations are under control.

“The exchange rates still relatively stable and subject to a strong display and demand, as well as the level of Yemen’s reserves of foreign exchange. The level of Yemen’s reserves reached at the end of January 2015 about $4.5 billion, which covers the import bill for more than four months, especially with expecting the decline of the global prices of essential foodstuffs as a result of the significant decline in oil prices and its derivatives,” Hamam explained.

Hamam denied all rumors about Saudi Arabia and the decline of Yemen’s currency value as well as the rumors about the government’s inability to pay the salaries of state employees in the civil and military sectors.

He called on all local media to be credible in publishing any news about the banking market because such news may negatively affect citizens, especially those with limited income.