Central Bank of Yemen: Inaugurates its training year [Archives:2005/813/Business & Economy]

February 3 2005

By Fahmia al-Fotih
For the Yemen Times

Under the patronage of Mr. Ahmed Abdualrahman al-Samawi, governor of the Central Bank of Yemen, the Arab Company for Investment-Bahrain Kingdom held a workshop to discuss different topics such as money laundering, electronic banking operations and the investment fund industry.

More than two hundred people from the banking sector, financial institutions and exchange and insurance companies participated in the workshop.

In his welcoming speech, al-Samawi pointed out that the Central Bank of Yemen deposit assets increase to 576 riyal billion from only 100 billion riyal in 2003. Loans also have increased in the private sector to 183 riyal million, and bank capital in Yemen has increased from 31 million riyals in 2003 to 37 million riyals at the end of 2004.

Inflation has been reduced to less than 10% in 2004 compared to 13.6% in 2003.

The savings of the Central Bank of Yemen also has increased with around $5.7 billion compared to $5 billion in 2003.

Mr. Faisal Alwan, the manager of the Arab Company for Investment, revealed that the company has selected Yemen to implement and hold these types of workshops because Yemen now has witnessed increased stability and there is great improvement in the atmosphere for investment. He further said that Yemen has a nice international reputation that in turn it has gained the confidence of many investors.