STOCK MARKET BSE NSE

Saudi Arabia gives Yemen USD 200 million amid currency's slide 

The state-run Saudi Press Agency says the "donation" will help "achieve stability of the Yemeni economy and boost the local currency.

Published: 02nd October 2018 05:14 PM  |   Last Updated: 02nd October 2018 05:14 PM   |  A+A-

Saudi Arabia's King Salman (File | AP)

By PTI

SANAA:  Saudi Arabia has given a USD 200 million cash infusion to Yemen's Central Bank to shore up its reserves after the war-torn country's currency went into freefall over the past few weeks.

The state-run Saudi Press Agency says the "donation" will help "achieve stability of the Yemeni economy and boost the local currency.

" A Saudi-led coalition backing Yemen's internationally recognized government is at war with the country's Shiite rebels, known as Houthis.

The government controls the south, where its Central Bank is located, while the Houthis control the north of the country.

The fighting has killed over 10,000 people and pushed Yemen to the brink of famine.

The Yemeni rial has lost nearly half its value this year and traded 800 rials to the dollar on Monday. Food prices have soared.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp