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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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Italy’s Foreign Minister Heads to Syria to Encourage Post-Assad Transition

Italian Foreign Minister Antonio Tajani speaks to the media a he arrives for a meeting at Rome’s Villa Madama, Thursday, Jan. 9, 2025 on the situation in Syria after the collapse of the Assad regime. (AP Photo/Andrew Medichini (Andrew Medichini/AP POOL)
Italian Foreign Minister Antonio Tajani speaks to the media a he arrives for a meeting at Rome’s Villa Madama, Thursday, Jan. 9, 2025 on the situation in Syria after the collapse of the Assad regime. (AP Photo/Andrew Medichini (Andrew Medichini/AP POOL)
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Italy’s Foreign Minister Heads to Syria to Encourage Post-Assad Transition

Italian Foreign Minister Antonio Tajani speaks to the media a he arrives for a meeting at Rome’s Villa Madama, Thursday, Jan. 9, 2025 on the situation in Syria after the collapse of the Assad regime. (AP Photo/Andrew Medichini (Andrew Medichini/AP POOL)
Italian Foreign Minister Antonio Tajani speaks to the media a he arrives for a meeting at Rome’s Villa Madama, Thursday, Jan. 9, 2025 on the situation in Syria after the collapse of the Assad regime. (AP Photo/Andrew Medichini (Andrew Medichini/AP POOL)

Italian Foreign Minister Antonio Tajani said he would travel to Syria on Friday to encourage the country's transition following the ouster of President Bashar Assad by insurgents, and appealed on Europe to review its sanctions on Damascus now that the political situation has changed.
Tajani presided over a meeting in Rome on Thursday of foreign ministry officials from five countries, Britain, France, Germany, Italy and the United States.
The aim, he said, is to coordinate the various post-Assad initiatives, with Italy prepared to make proposals on private investments in health care for the Syrian population.
Going into the meeting with US Secretary of State Antony Blinken and their European counterparts, Tajani said it was critical that all Syrians be recognized with equal rights. It was a reference to concerns about the rights of Christians and other minorities under Syria’s new de facto authorities of Hayat Tahrir al-Sham, or HT.
“The first messages from Damascus have been positive. That’s why I’m going there tomorrow, to encourage this new phase that will help stabilize the international situation,” Tajani said.
Speaking to reporters, he said the European Union should discuss possible changes to its sanctions on Syria. “It’s an issue that should be discussed because Assad isn’t there anymore, it’s a new situation, and I think that the encouraging signals that are arriving should be further encouraged,” he said.
Syria has been under deeply isolating sanctions by the US, the European Union and others for years as a result of Assad’s brutal response to what began as peaceful anti-government protests in 2011 and spiraled into civil war.
HTS led a lightning insurgency that ousted Assad on Dec. 8 and ended his family’s decades-long rule. From 2011 until Assad’s downfall, Syria’s uprising and civil war killed an estimated 500,000 people.
The US has gradually lifted some penalties since Assad departed Syria for protection in Russia. The Biden administration in December decided to drop a $10 million bounty it had offered for the capture of a Syrian opposition leader whose forces led the ouster of Assad last month.
Syria’s new leaders also have been urged to respect the rights of minorities and women. Many Syrian Christians, who made up 10% of the population before Syria’s civil war, either fled the country or supported Assad out of fear of insurgents.