Don't miss

Replay


LATEST SHOWS

IN THE PRESS

‘Asia Weinstein’: Italian press relishes Argento assault allegations

Read more

FOCUS

Venezuela: Worsening economic crisis erodes Chavista stronghold

Read more

ENCORE!

Strike a pose: The Studio Harcourt on capturing star profiles across the decades

Read more

EYE ON AFRICA

Jacob Zuma corruption scandal: Influence-peddling inquiry opens

Read more

MEDIAWATCH

#MeToo accuser accused in turn

Read more

THE DEBATE

Venezuela's meltdown

Read more

BUSINESS DAILY

Greece turns the page on eight years of bailout programmes

Read more

THE INTERVIEW

'A lot of IS group fighters are underground,' says US-led coalition spokesman

Read more

FOCUS

Surviving hyperinflation in Venezuela

Read more

Middle East

Saudi Arabia transfers $2 billion to shore up Yemen's ailing currency

© Bandar Al-Jaloud, AFP | Saudi King Salman bin Abdulaziz arriving for the opening of the shura council ordinary session in Riyadh.

Text by NEWS WIRES

Latest update : 2018-01-17

Saudi Arabia’s King Salman ordered a deposit of $2 billion to be paid into Yemen’s central bank on Wednesday to shore up the weak Yemeni currency, the Saudi government said.

The move was made a day after Yemen's prime minister issued a public plea for funds to prop up the rial and help stave off hunger in the war-torn country.

“It’s not a loan, it’s a deposit and the legitimate Yemeni government will not have to pay it back,” a source close to the Saudi government said.

Yemen has been divided by nearly three years of civil war between the internationally recognised government, backed by Riyadh, based in the south, and the Iran-aligned Houthi movement which controls the north including the capital Sanaa.

Its currency, the rial, has lost more than half its value against the US dollar and soaring prices have put some basic commodities out of reach for many Yemenis.

Based in the southern port city of Aden, Yemen’s Central Bank has struggled to pay public sector salaries on which many Yemenis depend amid dwindling foreign exchange reserves.

The conflict has unleashed a humanitarian and economic crisis on the impoverished country. A deadly cholera epidemic erupted last year, and the United Nations has said that Yemen could face one of the deadliest famines of modern times.

“Saving the rial means saving Yemenis from inevitable hunger,”  Prime Minister Ahmed bin Daghr said on Wednesday.

(REUTERS)

Date created : 2018-01-17

  • YEMEN

    Saudis intercept Yemen rebel missile targeting royal palace

    Read more

  • YEMEN

    Yemen's former president Saleh offers talks to Saudi-led coalition

    Read more

  • YEMEN

    Saudi-led coalition to reopen Yemen port, airport for humanitarian aid

    Read more

COMMENT(S)