According to a report released on Saturday, the Central Bank of Yemen announced that its reserves from foreign currency has risen to $8.1 billion over the first quarter of the current year, with an increase of $544 million from the number achieved during the same period of 2007.

The banking and monetary developments report also indicated that the bank foreign assets rose 3.5 percent until last March, reaching YR 1 trillion and 797 billion compared to one trillion and 740 billion recorded in the previous month.

It also revealed that the aggregate budget of commercial and Islamic banks in Yemen has achieved an increase of YR 2.2 billion reaching 1 trillion and 329 billion by the end of March; while the reserves increased at 3.6 percent over the same period.  

In return, the foreign assets of commercial and Islamic banks dropped from YR 1.3 billion in February to YR 1.2 billion by the end of the first quarter.

The Central Bank further revealed that the debts owed by Yemen for donor countries, International institutions and Funds rose to $6.02 billion during the first quarters, with an increase of $4.5 million.

In related news, economic resources pointed out that oil revenues reached by the end of the first quarter $1 billion and this comes because of the constant increase of oil prices that exceeded $126 for the barrel at the outset of this week; while Yemeni production is coming down.

Minister of Oil Khalid Bahah told media that his ministry is about to launch the fifth agreements seeking to increase oil exports to  500,000 barrels a day. These agreements include investment in oil and gas with economic conditions that serve the national economy.