Central Bank Reserves Exceed $ 2 Billion [Archives:2000/23/Local News]

June 5 2000

A Central Bank official source told Yemen Times that for the first time in history of the national economy the central bank’s foreign reserves increased by US$ 2 billion.
Economic sources made it clear that the increase was attributed to successes made by the economic reform program started since 1995. These reserves will be enough to cover imports expenses for more than six months, a high percentage providing safe conditions for the national economy.
Foreign reserves increased by 33% during this year following improvement in oil prices. Last year the reserves increased from $1,4 billion to $1,8 billion in the beginning of May, 2000. Now they have exceeded $2 billion.
Meanwhile, high economic sources criticize the government’s economic reforms saying that announcement of improvement in the economy and monetary reserves would be spent on projects not included in the government’s budget such as the unity celebrations and road repairs.