Foreign assets of banking sector amount to YR 1 trillion & 20.8 billion [Archives:2004/754/Business & Economy]

July 12 2004

By Yemen Times Staff
The Yemeni banking sector has achieved a noticeable growth in its foreign assets to till the period ending at the end of last May. The assets amount reached YR1 trillion and 20.8 million, compared to YR 991.7 billion at the end of April 2004, registering an increase by YR 29.1 billion during only one month. This indicates to a big improvement in the balance of payments.
An official report issued by the Central Bank of Yemen mentions that the bank's budget till the end of May 2004 amounted to YR 987.622.004 billion capable of covering 15.4 months of imports. The report has further mentioned that the proportion of the commercial and Islamic banks unified budget at the end of last May has risen by YR 6.4 billion to reach at YR 605.3 billion while the value of its foreign assets amounted to around YR 155.8 billion.
The report has further indicated that the volume of reserves has during the same period risen by YR 1.7 billion to reach YR 93.6 billion, whereas the deposit certificate dropped from YR 37.5 billion at the end of last April to YR 36.8 billion at the end of last May.
According to the same report, the total of credits presented by the private sector banks amounted to YR 153.1 billion against YR 152 billion during this period. As concerning the treasury orders and the operations of re-purchasing of trreasury bonds operations with commercial banks they have amounted to about YR 133.3 billion till the end of May against YR 229.7 billion at the end of April.
The Central Bank of Yemen report has also indicated that the total of deposits at the commercial banks have risen from YR 507.8 billion at the end of April to 511.1 billion at the end of May, while the monetary supply rose from YR 832.4 to YR 824.9 billion during the same period.
The net of the Yemeni government liabilities were recorded till the end of May as creditor asset a sum of YR 19.8 billion against YR 2.4 billion at the end of April as an indicator of a big increase in the government's local indebtedness. The private sector liabilities also increased from YR 152.5 billion to YR 153.6 billion during this period.