Iraq News - Local News - Baghdadpost

Yemen central bank expecting $3bln to prop up stricken economy

Yemen's central bank is waiting for deposits worth $3 billion from foreign sources, the state news agency SABA quoted its governor, Mohammed Zammam, as saying on Saturday.

The deposits are expected to further prop up the battered Yemeni economy and its currency, the riyal, whose value has recently improved to 400 against the dollar, from a previous 800.

Yemen has been divided by more than three years of civil war between the internationally recognized government, backed by Saudi Arabia and based in the south, and the Iran-aligned Houthi movement which controls the north, including the capital Sanaa.

Based in the southern port city of Aden, Yemen's central bank has struggled to pay the public sector salaries on which many Yemenis depend.

The conflict has unleashed a humanitarian and economic crisis in the impoverished country.

An estimated 85,000 children under five may have died from extreme hunger in Yemen since 2015, and the United Nations has said that it could face one of the deadliest famines of modern times, as soaring prices have put some basic commodities out of reach for many Yemenis.