Council of Ministers discusses the CBY report about monetary situations

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Council of Ministers discusses the CBY report about monetary situations

[01/11/2018 06:22]

Council of Ministers discusses the CBY report about monetary situations
ADEN-SABA
Council of Ministers held its first meeting Thursday presided over by Prime Minister Dr Ma'een Abdulmali n the temporary capital Aden.

The meeting devoted to discuss the report by the Central Bank of Yemen (CBY), government's action-plans to handle economic situations, improve services and reconstruct what have been damaged by war and natural disasters.

The Prime Minister stressed the need for practically asserting the role of the government on the ground.

He stated that government's top priority is managing the economic challenges by bringing relative economic stability in light of the donations provided by Saudi-Led Arab Coalition.

He described the procedures adopted to stop the slide of national currency as insufficient as the variation between exchange rate of Yemeni Rial (YR) offered by the CBY and its price in the market against the foreign currencies is 170 (YR) an approximately %28 of the value of currency.

The Prime Minister stated that the government is going to work in forthcoming period on resuming oil production, refining and exporting from new oil fields.

The Governor of the CBY provided a detailed report about the fiscal and monetary situations from January through September including total amounts of revenues, expenditures and deficit.

He stated that the CBY has decided that the government must stop overdrafts withdrawing from the beginning of January 2019.

He also informed the Cabinet of Ministers about the CBY decision to establish monetary reserves of national currency totaling five hundreds billions (YR) by the end of 2018 and directing all amounts of banknotes which printed recently to the reserves of currencies, never be used except under clear monetary policy.

The Cabinet of Ministers has approved the CBY recommendation about withdrawing on overdrafts and authorized Finance Ministry and Economic Committee to work out a mechanism for monthly reducing withdrawing on overdrafts.

The Council of Ministers heard a report by the Ministerial Committee tasked with reporting about damages caused by Luban tropical storm in Al-Maharah.

The Committee estimated the total cost of the damages at $1 billion.

The Cabinet has approved the Ministerial Committee's recommendation about establishing Executive Unit tasked with handling the natural disaster's damages.