YEMEN RESERVES OF FOREIGN CURRENCY RECORD $7 BLN IN 2009

SANA'A, Feb.21 (Saba) - Yemen reserves of the foreign currency have recorded in 2009 nearly $7 billion, backing by $1.15 billion more than in the 2008 reserves which amounted to about $8.15 billion.

A report issued by the Central Bank of Yemen (CBY) obtained by Saba, showed that the bank's total balance sheet reached nearly YR1.8 trillion, with a slight increase hit YR 8 billion more than in 2008.

The volume of money supply rose by YR135 billion to reach YR 2.12 trillion by the end of 2009, compared with YR1.87 trillion by end of 2008.

The net foreign assets of the banking system decreased by YR50 billion, attaining YR1.80 trillion by the end of 2009, compared with YR 1.85 trillion in 2008.

While the net claims on the government amounted by the end of 2009 to a balance owed of YR 533 billion, compared with a debit balance of YR 94 billion in 2008, up as much as YR 439 billion.

Whereas , the claims on the private sector declined by YR11 billion at the end of 2009 to reach nearly YR 500 billion , compared with YR 511 billion in 2008.

On the other hand, the volume of the issued currency amounted to about YR 552 billion by the end of 2009, while the value of the government bonds (for a period of three years) increased to reach about YR 366 billion. These bonds are owned to the pension funds and insurance that the government began issuing them since the beginning of 2009 for a three-year period with 7 percent rate interest.

BA