Rise in al-Tadhamun Bank deposits,$4.8 billion, volume of currency reserve of Central Bank [Archives:2003/661/Business & Economy]

Mahyoub Al-Kamaly
The Yemeni economy has during the first half of this year witnessed a noticeable stability as the currency reserves at the Central Bank have increased to $4.8 billion.
Director of the Central Bank of Yemen Ahmed al-Samawi said the exchange prices have witnessed stability and the volume of deposits in the bank economy till the end of last July amounted to around YR423 billion.
Economic investments of Yemeni banks have amounted to YR127 billion during the first half of this year.
In a symposium on unifying and symbolizing cheques held in Sana'a last week, Mr al-Samawi said the efforts the Central Bank was exerting had contributed to development, qualification and training cadres in the banking field internally and externally.
The symposium had discussed setting up a mechanism for unifying cheques of banks as it is considered representing a starting point for Yemeni economic dealing. The symposium had also discussed the establishment of a guide for printing cheques, the manner of banking performance, methods of coordination between banks and the Central Bank and mechanisms of the process for unifying cheques and accounts of national banks with the aim of pushing forward the process of economy.
Increase in deposits at Tadhamun International Islamic Bank:
On the other hand the proportion of investment deposits at the Tadhamun International Islamic Bank have risen to standard levels during the months of June and July 2003 with regard to all currencies, as compared to the first quarter of this year. The bank has occupied the first place among national banks with regard to volume of the budget that amounted to more than YR60 billion and the third position regarding funding and investments. The bank's contribution, out of all banks contributions to the budget, amounted to 13 percent.
The bank's assets of local and foreign investments till the end of 2002 amounted to around YR 42.2 billion at a growth percentage of 52 percent.
Tadhamun International Islamic Bank is under supervision and monitoring of the Yemeni Central Bank and the administration of internal audition and there are legal inspectors and scientists following up it work according to religious law controls.
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