Oil and Gas

Saudi Arabia signs agreement to deposit $2 bln in Yemen central bank

Saudi King Salman instructed that two billion US dollars be deposited in Yemen’s central bank account, Mohammed Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, and Dr. Mohammed bin Mansour Zammam, Governor of the Central Bank of Yemen, co-signed the deposit agreement in Riyadh, on Thursday.

In remarks following the signing ceremony, Al-Jadaan said that this agreement comes in continuation of the Kingdom’s support for the Yemeni people, bringing to three billion US dollars the total amount of Saudi deposits at the Central Bank of Yemen to date, reported Saudi Press Agency.

He added that this support will enhance the financial and economic situation of the Republic of Yemen, especially the Yemeni Riyal exchange rate, which will positively be reflected on the living conditions of Yemeni citizens.

The Kingdom of Saudi Arabia has affirmed its continuing support for the Yemeni government and determination to assist it to undertake its duties aiming to restore the security and stability of Yemen.

This is emanating from its interest in alleviating the suffering of the Yemeni people and helping them to cope with the economic burdens caused by the crimes and violations of the Iranian-Houthi militias.

As they plunder Yemen’s wealth, seize the revenues of government institutions, including selling and manipulating oil derivatives, collect their revenues in Yemeni Riyal, tamper with its exchange rate and exploit this situation to achieve personal interests, leading to the deterioration of the Yemeni Riyal exchange rate and negatively impact the lives of Yemeni citizens.

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