Saudi grant to Yemen shored up local currency: official

Saudi Arabia’s recent deposit of $200 million in Yemen’s central bank has shored up the country’s weak currency, Al Eqtisadiah newspaper reported, citing Yemen’s central bank governor Mohamed Zemam.

The Saudi deposit, together with other measures taken by Yemen’s central bank and government, has stopped further devaluation of the local currency, Zemam added.

Saudi Arabia has so far deposited around $3.2 billion (SAR 12.2 billion) in the Yemeni central bank, including $1 billion in 2012 and $1 billion in 2018, in addition to $60 million worth of petroleum products each month.

On Tuesday, King Salman approved a $200 million grant to Yemen's central bank to shore up its reserves and boost the local currency, after the war-torn country's currency went into freefall over the past few weeks.