Saudi-Led Economic Quartet to Support Yemen’s Central Bank, Currency Stability

  • 2/1/2018
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The economic Quartet on Yemen (Saudi Arabia, UAE, United States and the United Kingdom) pledged to continue supporting the Central Bank of Yemen and stabilize the exchange rate of the Yemeni riyal and the Yemeni economy in general through several measures. Saudi Ambassador to Yemen Mohammed Al Jaber said that his country is leading the support operations of the Central Bank of Yemen through several elements, the most important of which was supporting the bank with extra two billion dollars, which were added to another one billion deposited earlier. “We have completed training 15 Yemeni employees in the Central Bank last week, and we have provided them with all the suggestions and technical assistance they need,” Director of Yemen Comprehensive Humanitarian Operations (YCHO) also told Asharq Al-Awsat, in reference to the efforts exerted by the coalition states within the framework of the recently announced comprehensive humanitarian plan. Al Jaber chaired in Riyadh Wednesday the meeting of the economic Quartet on Yemen, in which mechanisms to support the Central Bank of Yemen and the Yemeni economy in general were discussed. “We discussed how the Quartet can support the Central Bank of Yemen, help stabilize the Yemeni economy and stabilize the Yemeni riyal exchange rate in order to help the Yemeni people and provide a decent life for them,” Al Jaber said. He said that the UAE has committed to provide technical training and assistance to the Central Bank of Yemen, and the US and British sides have shown their commitment to provide technical advice to the Bank. The meeting was attended by representatives from the World Bank and the International Monetary Fund, who have been providing expertise to the Central Bank of Yemen in order to regain stability. Future meetings will be held to review the implementation of the steps discussed Wednesday, according to Al Jaber, who added: "There will also be a detailed meeting with the Yemeni side regarding financial experts and technical and financial issues." Notably, the Yemeni government, headed by Abd Rabbuh Mansour Hadi, transferred the headquarters of the Central Bank of Yemen from the Yemeni capital Sanaa, which falls under the control of Houthi militias, to the temporary capital Aden after the bank was looted by the militias in September 2016.

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