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Yemen Central Bank Receives $2 Billion Deposit

An emblem of the Central Bank of Yemen is seen on the bank's gate in Sanaa August 24, 2016. REUTERS/Khaled Abdullah
An emblem of the Central Bank of Yemen is seen on the bank's gate in Sanaa August 24, 2016. REUTERS/Khaled Abdullah
    Riyadh, Aden, Sanaa - Asharq Al-Awsat
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Yemen Central Bank Receives $2 Billion Deposit

An emblem of the Central Bank of Yemen is seen on the bank's gate in Sanaa August 24, 2016. REUTERS/Khaled Abdullah
An emblem of the Central Bank of Yemen is seen on the bank's gate in Sanaa August 24, 2016. REUTERS/Khaled Abdullah

Optimism prevailed in the banking sector in Yemen, with hopes rising that the Yemeni currency would stabilize following the signing of an agreement between Saudi Arabia and the Yemeni government to deposit $2 billion at the Central Bank of Yemen.

Bankers in Aden and Sanaa reported to Asharq Al-Awsat that they expect a gradual progress of the Yemeni currency against foreign currencies in the coming days.

Saudi Arabia and Yemen signed an agreement, on Thursday in Riyadh, to deposit $2 billion in Central Bank of Yemen account, in tandem with directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The agreement was signed by Saudi Finance Minister Mohammed al-Jadaan and Central Bank of Yemen governor Mohammed Zemam.

This agreement comes in continuation of the Kingdom's support for the Yemeni people, bringing to date the total amount of Saudi deposits to three billion US dollars at the Central Bank of Yemen, reported Saudi Press Agency.

The Kingdom has affirmed its continual support for the Yemeni government and determination to assist it to undertake its duties aiming to restore the security and stability of Yemen, emanating from its interest in alleviating the suffering of the Yemeni people and helping them to cope with the economic burdens caused by the crimes and violations of the Iranian-Houthi militias that manage to plunder the Yemen wealth, seize the revenues of government institutions, including selling and manipulating oil derivatives, collect their revenues in Yemeni Riyal, tamper with its exchange rate and exploit this situation to achieve personal interests, leading to the deterioration of the Yemeni Riyal exchange rate and negatively impact the lives of Yemeni citizens.

Prime Minister Ahmed Obeid bin Daghr expressed gratitude to King Salman and Crown Prince Mohammed bin Salman, adding that this generosity is appreciated by Yemenis.

During three years of the Houthi coup over the legit government in Yemen, the domestic currency lost more than half its value. Yet, for the first time since the coup, the Yemeni government announced a state budget for the current year, worth an approximate of one trillion and a half.

Despite transferring the central bank to Aden, the temporary capital of Yemen, Houthi militias refuse to subdue to the decision and they continue to seize the bank in Sanaa.

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Arab World

Blinken Seeks to Avert Syria Turmoil with Europeans on Final Trip

US Secretary of State Antony Blinken (L) met French FM Jean-Noel Barrot in Paris. Ludovic MARIN / POOL/AFP
US Secretary of State Antony Blinken (L) met French FM Jean-Noel Barrot in Paris. Ludovic MARIN / POOL/AFP
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Blinken Seeks to Avert Syria Turmoil with Europeans on Final Trip

US Secretary of State Antony Blinken (L) met French FM Jean-Noel Barrot in Paris. Ludovic MARIN / POOL/AFP
US Secretary of State Antony Blinken (L) met French FM Jean-Noel Barrot in Paris. Ludovic MARIN / POOL/AFP

US Secretary of State Antony Blinken was heading on Thursday to Rome for talks with European counterparts on bringing stability to Syria in the face of flare-ups with Türkiye, capping what is likely his final trip.
Blinken had been expected to remain in Italy through the weekend to join President Joe Biden but the outgoing US leader scrapped his trip, which was to include an audience with Pope Francis, to address wildfires sweeping Los Angeles.
Blinken, on a trip that has taken him to South Korea, Japan and France, was heading on Thursday from Paris and will meet for dinner in Rome with counterparts from Britain, France, Germany and Italy.
In Paris on Wednesday, Blinken said the United States was united with the Europeans on seeking a peaceful, stable Syria, a month after the opposition factions toppled longtime ruler Bashar al-Assad.
But concerns have mounted over Türkiye’s threats against Syrian Kurdish fighters, who have effectively run their own state during the brutal civil war engulfing Syria.
A war monitor said that battles between Turkish-backed groups, supported by air strikes, and Kurdish-led forces killed 37 people on Thursday.
The Kurdish-led Syrian Democratic Forces (SDF) have worked with the United States on Washington's main stated priority -- battling the ISIS extremist group -- but Türkiye says the SDF has links with PKK militants at home.
Blinken in Paris said that Türkiye had "legitimate concerns" and that the SDF should gradually be integrated into a revamped national army, with foreign fighters removed.
"That's a process that's going to take some time. And in the meantime, what is profoundly not in the interest of everything positive we see happening in Syria would be a conflict," Blinken told reporters.
"We'll work very hard to make sure that that doesn't happen."
Blinken said he expected no change on goals in Syria from US President-elect Donald Trump, who takes over on January 20.
During his last term, Trump briefly said he would accede to a plea by Turkish President Recep Tayyip Erdogan to pull out US troops that have been working in Syria with the Kurdish forces.
But he backed down after counter-appeals led by French President Emmanuel Macron.
When to ease sanctions?
Also on the agenda in Rome will be whether and when to ease sanctions on Syria.
French Foreign Minister Jean-Noel Barrot said on Wednesday that some sanctions "could be lifted quickly".
The US Treasury Department said this week it would ease enforcement on restrictions that affect essential services.
But US officials say they will wait to see progress before any wider easing of sanctions -- and the Biden administration is unlikely in its final days to accept the political costs of removing Syria's victorious Hayat Tahrir al-Sham rebels from the US "terrorism" blacklist.
While Western powers are largely in synch on Syria, some differences remain.
Blinken reiterated US calls on European countries to repatriate citizens of theirs detained in Syria for working with the ISIS group and languishing in vast camps run by the Kurdish fighters.
France and Britain, with painful memories of attacks by homegrown extremists, have little desire to bring militants back.
The Rome talks come a week after the French and German foreign ministers, Jean-Noel Barrot and Annalena Baerbock, jointly visited Damascus and met new leader Ahmed al-Sharaa to encourage an inclusive transition.
Sharaa, has promised to protect minorities after the fall of the iron-fisted but largely secular Assad.
A senior US official in turn said last month on meeting Sharaa that Washington was dropping a $10-million bounty on his head.
Italian Foreign Minister Antonio Tajani will pay his own visit to Syria on Friday, during which he plans to announce an initial development aid package.
Italy's hard-right government has pledged to reduce immigration. Millions of Syrians sought asylum in Europe during the civil war, triggering a backlash in some parts of the continent that shook up European politics.
In contrast to other major European powers, Italy had moved to normalize ties with Assad just weeks before he fell, presuming at the time that he had effectively won the war.