Saudi Oil Derivatives’ Grant Will Save $2 million a Day -Governor of Yemeni Central Bank Announces

Riyadh, Governor of the Central Bank of Yemen Dr. Muhammad Zemam announced that oil derivatives grant worth $60 million per month, from the Kingdom of Saudi Arabia, meets our needs and will mitigate the suffering of the Yemeni citizens.

He added that the grant will save about $2 million per day, equivalent to YR1.400 billion, based on a current exchange rate of YR700 to a US dollar, making the total amount of the grant YR42 billion per month, or YR504 billion per annum.

The governor explained that the Saudi grant will fill the deficit in the Yemeni budget for the current Fiscal Year, whereas the budget deficit for the nine months of the beginning of the year, stood at YR461 billion, adding that the grant will reserve the state an amount that it used to pay to buy oil derivatives.

Source: Saudi Press Agency