Business In Brief [Archives:2006/1001/Business & Economy]

November 23 2006

– Stronger Riyal following donors conference

The first positive spill-over effect following the Yemen Consultative meeting was in the appreciation of the Yemeni Riyal by 0.5 percent last Saturday. It's an indication that the flow of pledges in foreign currency into the country will stabilize the value of the Riyal with less interference from the Central bank.

– Subsidized Diesel smugglers caught

Authorities caught a number of diesel smugglers while attempting to sell 32,000 litres of subsidized diesel to an oil company operating in Yemen. The Ministry of Oil has previously directed all oil companies and subcontractors to obtain their diesel needs from the national oil company as buying subsidized diesel intended for local consumers and farmers routinely results in shortages of supply and price hikes.

– Flour and wheat businessmen manipulate domestic market

Official sources in the Ministry of Trade indicated that it has uncovered that the four largest flour and wheat businessmen who supply the domestic market with the flour needed for bread have been decreasing supply to the market while storing over 150 thousand tonnes in order to hike prices. The source confirmed that the ministry will take suitable measure to ensure those quantities are supplied to the market.

– Authorities to inspect bakeries in Yemen

The Sana'a Chamber of Commerce and Industry will start supervising and inspecting bakeries in Sana'a in order to ensure bread loaf baking meets the standards in weight requirements of 70gms /150gms per loaf. This follows the reduction of the size of the loaf as a consequence of the price hike in prices of wheat and flour.

– CAC Bank achieves 115 percent growth in budget

Third quarter results of the Cooperative and Agricultural Credit Bank said the overall budget of the bank has increased by 115 percent compared to last year, reaching YR 53.7 billion, while long-term deposits with the bank increased by 96 percent to YR 42.3 billion, while loans increased by 64 percent to 4,200 small and medium-size projects.