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Saudi Arabia deposits $2 billion in Central Bank of Yemen to support currency

King Salman bin Abdulaziz Al Saud of Saudi Arabia ordered a deposit of $2 billion to be paid into Central Bank of Yemen to strengthen the weak Yemeni currency, the Saudi government said.

King Salman issued the order to help support the rial, which has plummeted amid a lingering conflict between the government and the houthis.

The $2 billion is a deposit, the legitimate Yemeni government will not have to pay it back.

Yemen’s currency, the rial, has lost more than half its value against  U.S. dollar and soaring prices have put some basic commodities out of reach for many Yemenis.

“The kingdom will continue to assist Yemen in its efforts to restore security and stability,” the Saudi government said in a statement.

TunisianMonitorOnline

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