Banking in YemenYemeni banks outpace Arab competitors [Archives:2005/822/Business & Economy]
Yemeni commercial Banks now have 68 per cent of total banking activity in Yemen, while other Arab banks in Yemen have 32 per cent, according to reports.
During the year 2004, commercial banks increase their financial revenues, according to a report referred to by governor of the Central Bank of Yemen Ahmed Abdulrahman al-Samawi.
The report says Yemeni commercial banks budgets have risen to YR660 billion at the end of last December, an increase amounting to YR 120.7 billion compared to 2003. Investments of the banks of the available revenues of securities were at an amount of YR47.1 billion.
The report mentioned that deposits of foreign currencies at the end of 2003 rose from $1.3 billion to $1.4 billion at the end of December 2004. The deposits in local currency rose from YR 236 billion to 309 billion during the same period.
The report has also said that assets of loans and funding operations offered from the commercial banks to various economic sectors at the end of December 2004 rose to YR 183.6 billion.
The trade sector gained the first place of those loans with an amount of YR 90.1 billion, then the industrial sector with an amount of YR 35.3 billion, construction sector by YR 14.7 billion and agricultural and fishery sector by YR 2.6 billion. The volume of investment in stocks and deposit certificates rose at the end of last December to YR 187.8 billion.
The report indicated that at the end of last year the assets of accounts rose to YR 153.7 billion, or $827.1 million. Assets of open credits at banks have, at the end of last December, amounted to YR 128.8 billion.
The report also mentioned that assets of exported security letters had at the end of last December rose to YR 147.4 billion against YR 122.1 billion at the end of 2003.