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Economy
Wednesday, 08-November-2006
By Adnan Hizam - The rial has grown slightly stronger against the dollar. The exchange rate decreased slightly from 197.74 rials per US dollar at the end of July 2006 to 197.65 rials per US dollar at the end of August 2006, according to a new review by the Central Bank of Yemen. At a meeting Tuesday, the Cabinet discussed a bank report on the banking and monetary system in the country during the last years.

Ahmed al-Samawi, CBY governor, reviewed the indicators of the report, which shows that the money supply increased from YR 1151.7 billion at the end of July 2006 to YR1170.8 billion at the end of August 2006, an increase of YR19.1 billion, or 1.66 percent, compared with an increase of YR26.8 billion, or 2.38 percent during July 2006, the report says. The money supply at the end of August 2005 was YR 973.3 billion.

The report made it clear that the net foreign assets held by the banking system amounted to YR 1,586.5 billion at the end of August 2006, compared with YR1,554.7 billion at the end of July 2006, an increase of YR31.8 billion, or 2.05 percent. Net foreign assets of the banking system were YR 1,158.3 billion at the end of August 2005. Net claims on government amounted to YR186.1 billion at the end of August 2006, compared with YR177.4 billion at the end of the previous month.

Net claims on government were YR17 billion during August 2005. Claims on the non-governmental sector decreased from YR 252.8 billion at the end of July 2006 to YR250.9 billion at the end of August 2006, a decrease of YR1.9 billion, or 0.75 percent. Claims on the non-governmental sector were YR222.1 billion at the end of August 2005. The total balance sheet of the Central Bank showed an increase of YR19.7 billion, or 1.37 percent, amounting to YR1,462 billion during August 2006, compared with an increase of 4.23 percent during the previous month.

The total balance sheet was YR1,131.4 billion at the end of August 2005. The foreign assets at the end of August 2006 amounted to YR1,430.6 billion ($7.238 billion), covering 13.9 months of imports compared with YR1,401.7 billion ($7.09 billion) covering 13.6 months of imports at the end of July 2006. Foreign assets of the Central Bank at the end of August 2005 were YR1,100.7 billion ($5.7138 billion). Currency issued amounted to YR339.3 billion at the end of August 2006, compared withYR339.4 billion at the end of July 2006, a decrease of YR 0.1 billion.

The weighted average yield of three-month treasury bills during August 2006 auctions amounted to 15.59 percent per annum, compared with 15.67 percent per annum during July 2006. For six-month treasury bills, the yield was 15.69 percent per annum, compared with 15.64 percent per annum during July 2006. For one-year bills, it was 15.68 percent per annum, compared with 15.63 percent per annum during July 2006. The total of the consolidated balance sheet of the commercial and Islamic banks showed an increase of YR36.4 billion, or 3.99 percent, amounting to YR949.5 billion during August 2006, compared with an increase of 2.49 percent during July 2006.

The total of the consolidated balance sheet of the commercial and Islamic banks was YR764.0 billion at the end of August 2005. The foreign assets of banks amounted to YR254.3 billion ($1.2866 billion) at the end of August 2006 compared with YR249.7 billion ($1.2629 billion ) at the end of July 2006, an increase of YR4.6 billion or 1.84 percent. Foreign assets of commercial and Islamic banks at the end of August 2005 were YR158 billion.

The total reserves of banks at the end of August 2006 increased by YR15.9 billion, or 11.67 percent, to YR152.2 billion, compared with YR136.3 billion at the end of the previous month. Certificates of deposits amounted to YR15.83 billion at the end of August 2006, said the report.

Total credits and loans granted by commercial and Islamic banks to the private sector amounted to YR249.9 billion at the end of August 2006, compared with an amount of YR251.8 billion at the end of July 2006. The report concluded by pointing out the increase of total deposits with banks at 4.37 percent from YR731.7 billion at the end of July 2006, to YR763.7 billion at the end of August 2006.
Source: Yemen Observer
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