The Saudi deposit was executed at the 37th installment and the government revenues of it 910 billion riyals
English - Thursday 14 November 2019 الساعة 02:38 pm
Aden – NewsYemen.net
An official source at the Central Bank of Yemen in Aden said that the $ 2 billion Saudi deposit ran out at the 37th installment approved by the Central Bank, but has not yet been approved by the Saudi side.
The source confirmed that since the 30th installment seven payments have been approved but not yet approved by the Saudi side, and the last payment that was approved was the 30th installment on September 10 last.
The World Bank has warned that Yemen's economy will lose its stability, which it gained during 2018-2019 when the Saudi deposit was exhausted by the end of 2019, and stressed the importance of mobilizing more foreign aid to support the import of sufficient basic materials and maintain macroeconomic stability.
Hadi's government revenues from sales of the Saudi deposit to the 30th installment on September 10th last year amounted to 620 billion riyals, and at the exchange rate of 440 dollars to support the goods, the government revenues from the amount allocated for the remaining seven payments amounted to 290.4 billion dollars, bringing the total government revenues from sales The Saudi deposit is 910 billion riyals and 400 million riyals.
The government has sold the Saudi depository to traders at a preferential rate of about 120 riyals on the market.
The estimated losses of sales of the central bank compared to the dollar in the banking market, during the last period about 240 billion riyals went to the pockets of traders.
The government began withdrawing from the $ 2 billion Saudi deposit in July 2018 to cover documentary credits to import basic food commodities at a preferential price amid criticism by economists of a policy of subsidizing specific merchants, wasting Yemen's foreign exchange reserves and legitimizing corruption.
The Saudi deposit came to stop the deterioration of the national currency, the riyal, against foreign currencies, and to help Yemen stabilize prices.
Commodities covered by the Central Bank of the Saudi Deposit at a preferential rate during the last period included: "Wheat, rice, sugar, baby milk and edible oil", at a preferential price starting from SR 585 and then gradually reduced to 570, 548 and 520 and settled at SR 440 per dollar.
