JEDDAH: Yemen’s central bank will get a much needed boost after ¶¶Òõ¶ÌÊÓƵ’s King Salman ordered a $200 million grant be given to the institution on Monday.
The bank hiked interest rates to nearly doubled last month after demonstrations against the plunging currency.
The move is aimed at stabilizing the country’s economy to alleviate the financial burden on Yemenis.Â
¶¶Òõ¶ÌÊÓƵ is the biggest donor of aid to Yemen and has been engaged, along with Arab allies, in restoring legitimacy to Yemen’s internationally recognized government against Iranian backed Houthi militia who have illegally captured parts of the country. Â
In March, ¶¶Òõ¶ÌÊÓƵ agreed to deposit an additional $2 billion into Yemen’s central bank, bringing the total aid to the lender to $3 billion.
King Salman announces $200 million grant to Yemen central bank
Updated 02 October 2018
King Salman announces $200 million grant to Yemen central bank
- ¶¶Òõ¶ÌÊÓƵ is the biggest donor of aid to Yemen
