Contribution of local banks rises to 61.7%: Central Bank [Archives:2002/11/Business & Economy]
Yemeni and foreign commercial banks achieved a 20 per cent expansion in their banking activities in 2001, according to the Central Bank of Yemen.
Governor of the Central Bank of Yemen, Ahmed Abdulrahman as-Samawi told the London-based al-Hayat newspaper that bank budgets rose from YR 298.0 billion in (December 2000) to YR 258.33 billion (December 2001).
As-Samawi said that Yemeni banks achieved a growth rate of 24% against 14% for the foreign banks.
Thus, local banks accounted for 61.7% of the total banking activities, while foreign banks contributed with 38.3%.
Similarly, commercial banks achieved an increase in their resources totaling YR 76.9 billion, represented by the rise in deposits by YR 57.4 billion.
Banks also tended to invest heavily in treasury bills and increase their accounts at foreign banks and the Central Bank of Yemen.
According to the banking report, the amount of liability reserve of deposits in YR has soared to YR 15 billion at the end of the last year, an increase rate of 25%.
The liability reserve in foreign currencies has also surged to USD 82 million at a growth rate of 12.6%.
Roughly 14 commercial banks, including three Islamic banks, operate in Yemen.
Arab Bank, Rafidein Bank, Credit Agricole Indosuez and the United Bank limited are subsidiaries of foreign banks