Yemen banks unified budget increase by 24% [Archives:2003/646/Business & Economy]

June 30 2003

Yemen Times staff
An official report has mentioned that the volume of the unified budget of Yemeni commercial banks has last year amounted to YR 42 billion against YR 356 billion by the end of 2001, an increase of YR 86 billion equaling 24%.
A recently published report by the Central Bank of Yemen has made it clear that all banks working in Yemen have contributed to paying their dues in the combined budget of the 15 local, Arab and international banks. The national banks' share of the all-out banking activity till the end of December 2002 was 63% while Arab and foreign banks' share of activity was 37%.
The report said inauguration of Shamel Yemen-Bahrain Bank has contributed to increase the bank's unified budget while the commercial banks have realized rapid rates of growth amounted to 28% whereas the growth rates of Arab banks working in Yemen have not exceeded 19%. The report has also mentioned that the total sums of money available at commercial banks during last year amounted to YR 93 billion wing to a rise in the volume of deposits. The commercial banks have directed their available revenues to many directions and concentrated on increasing their assets with external banks and increased their investments in re-purchasing contracts through open market transactions operated by the Central Bank of Yemen. The report has clarified that in the last year the commercial banks deposits rose to YR 189 billion against TR 145 billion in 2001, i.e. at a growth rate of 30%. Deposits in foreign currency rose from$758 million in 2001 to $938 million in 2002.
The report affirmed that those figures reflected the continuous growth in banking services offered by commercial banks and an increase in the volume of their contribution to improvement of the economic performance in general.