Al-Samawi reveals banking developments in Yemen [Archives:2006/990/Local News]

October 16 2006

SANA'A, Oct. 14 ) Concluding training courses on banking correspondences of documentary credits, Abdul Rahman Al-Samawi, the governor of Yemen's Central Bank revealed the monetary and banking developments achieved so far in Yemen.

Al-Samawi further assured such developments in monetary indicators were initiated by the existence of a body of legislations, represented in Banks' law, money laundering combating law, electronic banking operations and others.

He went on to say Yemen follows the principle of economic liberty as it imposes no restrictions upon capital movement or on opening accounts in hard currencies.

The surplus of payment balance exceeded US $1250 million and further the total amount of banks' foreign assets reached $1200 million, according to Al-Samawi.

He additionally revealed the Central Bank Budget reached YR 1462 billion during last August compared with YR 187 billion in 1995 and the collective budget of banking sector in Yemen mounted to YR 950 billion during last September.

The deposits rose to YR 800 billion during last August and this was positively reflected on loans and facilities given by banks.

Al-Samawi also declared that all banks were obliged to raise their capitals to YR 6 billion to make them fit with the international standards and make the banking services varied, noting that some banks have already exceeded this goal.