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 Exchange rate |    23 February, 2017

 

News

 
   
Central Bank of Yemen has approved today to reduce the base interest rate to 15%

Central Bank of Yemen has approved today to reduce the base interest rate from 18% to 15% in the light of the positive developments of the economic indicators in Yemen.

The Governor Mr. Mohammed Awad bin Hammam said “This decision come out as a result of the latest developments in the economic and monetary indicators especially the noticed decline in the inflation rate to 8.5 percent compared to 23 percent in 2011 .

He stressed on the positive impact of the interest rate decline; especially in supporting the ability of the commercial banks in credit expansion; which of course will be reflected on reducing the cost of financing the activities of the private sector, leading to stimulate the economic growth.

He also explains how the reduction decision will effect positively on the cost of the product and service which contributes in the stability of the prices in the market.

He pointed out that the real interest rate still consider high even after the current reduction if compared to the prevailing interest rate of foreign currencies in the global markets which is below the 1 percent .

He confirm that the CBY will continue to monitor the economic development in the country and will take supportive monetary policies aiming to stimulate economic growth during the 2013, he also added that the commitments of the donor countries which expected to be implemented in the near future; will contribute in supporting the economic growth.

Finally; the Governor stated that the foreign exchange reserve has increased to 6.2 billion USD compared to 5.4 billion USD by the end of 2011.


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