Saudi King issues directive to transfer US$2 billion to Yemen's Central Bank

The Kingdom of Saudi Arabia is determined to alleviate the suffering of the Yemeni people and to help them cope with the economic burdens resulting from the crimes and violations committed by Iranian-backed Houthi militias, reported the Saudi Press Agency, SPA.

According to the agency, the Iranian-backed Houthis are looting the state as they seize government revenues, including those generated from oil and its derivatives. "They acquire this revenue in Yemeni Riyal as they manipulate its exchange rate. They are doing all this to pursue their destructive objectives at the expense of the Yemeni people. Their actions have resulted in a steady devaluation of the currency, which has significantly damaged the lives of Yemenis for several years," it added.

To address the situation, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has issued a directive to transfer a US$2 billion deposit to the Central Bank of Yemen, in continuation of the Kingdom’s support of the Yemeni people. This latest transfer takes the total amount provided by the Kingdom to Yemen's Central Bank to US$3 billion.

SPA went on to say that the monies transferred aim to boost Yemen’s financial and economic situation while bolstering the Yemeni Riyal. "As the value of the Riyal goes up, the living conditions of Yemeni citizens will change for the better," it continued, adding that Saudi Arabia has reaffirmed its support for the Yemeni Government.

The Kingdom will continue to assist Yemen in its efforts to restore security and stability, the agency concluded.