Time: October 02, 2018
- Saudi Arabia is the biggest donor of aid to Yemen
JEDDAH: Yemen’s central bank will get a much needed boost after Saudi Arabia’s King Salman ordered a $200 million grant be given to the institution on Monday.
The bank hiked interest rates to nearly doubled last month after demonstrations against the plunging currency.
The move is aimed at stabilizing the country’s economy to alleviate the financial burden on Yemenis.
Saudi Arabia is the biggest donor of aid to Yemen and has been engaged, along with Arab allies, in restoring legitimacy to Yemen’s internationally recognized government against Iranian backed Houthi militia who have illegally captured parts of the country.
In March, Saudi Arabia agreed to deposit an additional $2 billion into Yemen’s central bank, bringing the total aid to the lender to $3 billion.