CBY provides commercial banks with $56 mln

SANA'A, July 01 (Saba) - Central Bank of Yemen (CBY) provided on
Wednesday $56 million to cover the needs of the commercial banks
that have presented to CBY purchasing requests.

An official source in the CBY told Saba that the bank would feed the
market with foreign currencies whenever it is required.

This is the fourth time the bank intervenes to support the national
currency against foreign ones this year and it is the third in less
than four days.

The bank pumped last Tuesday on June 30th the local market with $
260 million, while last Saturday pumped $117 million. The first
intervention this year was on 16th of last June when the bank pumped
$38 million.

Thus, the bank has fed the local market with about $ 471 million so
far this year.

The CBY has intervened about twelve times during 2008 to reinforce
the national currency. The Bank has pumped about $ 1.248 billion to
the local market in 2008.

AF/AF