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Dr. Mohamed Zemmam, Governor of the Central Bank of Yemen, discussed today with UNDP Resident Representative Liz Grand ways to increase the purchasing power of the Yemeni citizen, given the current insufficient situation to provide the necessary commodities on the markets.
One of the most important steps discussed in the discussion on the payment of salaries of civil servants has been suspended since August 2016.
The total financial difficulties of the Central Bank were discussed, including the lack of -Province Income Of governorates not subject to the legitimate government, which makes it difficult to talk about expenses without talking about resources.
He emphasized the readiness of the Central Bank in technical terms, and identified the funding gap after receiving all the legal income of all the provinces. Mr. Zakam reviewed the measures taken by the Central Bank to activate the Bank's legal activities in the management and modernization of the country's monetary policy, including sales of crude oil and other income. He also informed Mr. Zemmam about the use of monetary tools available at the bank in order to improve the humanitarian situation in the country. He drew attention to a number of measures taken by the Bank to activate the operation of the monetary operation, especially after the receipt of $ 2 billion from the Saudi Depositary, which allowed the bank to activate and use monetary instruments. Including the intervention in the financing of certain goods under the terms and conditions of the deposit document
The Governor of the Central Bank noted that the bank received a number of requests through the intermediary of Yemeni commercial banks for product financing. A committee composed of the Central Bank, the Chamber of Commerce, representatives of commercial banks and foreign exchange companies was established to determine prices based on economic data, including the actual prices of foreign currencies in the Yemeni markets.
For his part, the United Nations official addressed the size and type of international assistance provided by the United Nations in cash and in kind, the facilities required by the Central Bank for these operations and implementation of projects during the current phase. The study of the application for support to the procedures of the Central Bank of Yemen is envisaged and takes into account the legal procedures that have a greater impact, especially in the situations in which Yemen goes.
The organizations have agreements with the Yemeni commercial banks. The Central Bank will help international organizations to control the entry of these amounts in foreign currency into the Yemeni market through the intermediary of the contracting banks, which will be indicated in international reports and help local banks to provide liquidity. in local currencies in all governorates.
Read the news from the source here via Al Watan News
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