Copyright © 2003 Yemen Times:
widely read English newspaper | yementimes.com
Central bank of Yemen adopts
The mayor of the
Central Bank of Yemen Ahmed al-Samawi has recently said that Yemen
has scored great successes in the installation and operation of the
UNKTAD Debt Management and Financial Analysis System/DMFAS that is
adopted by all international organisations as the best system for
paying back debts.
The Central Bank has in cooperation with the
UNKTAD organised a training workshop for 35 trainees where they got
acquainted with the mechanism of implementing the criteria of the
system pertaining t the strategy of public debt. Mr al-Samawi has
deemed that connecting the Central Bank of Yemen to this system
would help analyze and pinpoint financial requirements of Yemen and
work out means and successful measures for paying debts.
central bank mayor has also affirmed the bank’s intention of
training ad qualifying its cadres in various banking specialties
that would contribute to promote the banking performance and to be
reflected on the banking performance in Yemen generally.
al-Samawi pointed out the success the Yemeni banking sector and the
monetary policy had realized during the past years, indicating that
the total amount of deposits in this sector amounted to YR 476
billion while in 1995 they were not exceeding YR 50 billion when the
government inaugurated the program of economic reform.
al-Samawi also pointed out that those successes have pushed the
Cyprus-based Capital Intelligence Establishment to promote the
degree of its evaluation of the credit merit of Yemeni commitments
to the foreign currency. It raised the evaluation from (c) to (b)
for the long-term and from (c) to (b) for the short-term. The
Establishment has for the first time given credit merit for Yemeni
commitments in local currency, granting it (b) degree.
establishment has justified the improvement of those indicators by
the surpluses achieved in the current balance of the balance of
payments and accumulation of official monetary reserves that have
lately exceeded $5 billion, in addition to a series of rescheduling
of Yemeni debts for members of Paris Club and others. This has led
to reducing the total value of the loans to the