YEMEN’S FOREIGN RESERVES ARE RUNNING OUT: WARNS CENTRAL BANK GOVERNOR

Yemen's foreign reserves are about to run out, because of large illegal withdrawals, by the rebel Houthi militias, from the state coffers, the Central Bank of Yemen (CBY) has warned.

''Foreign reserves fell from US$5.2 billion, on the eve of the Houthis' took control of the capital Sana'a, in Sept, 2014, to less than $700 million, by the end of Aug, 2016,'' Monasser Al Quaiti, the Governor of CBY, was quoted by Yemeni news agency as saying.

He said, large cash withdrawals by the Houthis reached $1.8 billion, in the past 18 months.

''The central bank has lost its independence, as most of its resources ($100 million monthly) were used by the Houthis, to fund war efforts and speculations in foreign exchange markets," Quaiti told a press conference he held, at the Yemeni embassy in the Saudi capital, Riyadh.

Source: NAM NEWS NETWORK