Government share of oil exports rises to $2.9 billion [Archives:2006/987/Business & Economy]

October 5 2006

Isamil Al-Ghabiri
SANA'A, Oct. 1 – The Yemeni government share of crude oil exports increased to almost 45 million barrels worth just under US $3 billion over the past eight months, jumping up with 6 million more barrels and almost doubling their worth

According to a report by the Central Bank of Yemen, the monetary and banking development and the 14.8 percent increase in the government share of exports are attributed to the rising prices of oil in international markets. The high oil prices helped increase the volume of exports and the average price per barrel in international markets.

The report indicated that the average price of Yemeni crude oil per barrel rose to US $65.62 from 49.43 in 2005 while the government share of crude oil exports constitutes 63 percent of the total exports, 70 percent of the state's general budget revenues and 30 percent of the gross domestic product.

The report stated the unified budget of commercial and Islamic banks working in Yemen increased by the end of last August from 36.4 billion to 949.5 billion Yemeni Riyals with a 49 percent increase compared to last year.

At the end of August, 2005, the unified budget of commercial and Islamic banks reached 746 billion Yemeni Riyals while the external assets of these banks came at 254.3 billion Yemeni Riyals last August, compared to 249.7 billion Yemeni Riyals by the end of last July.