A billion dollar is Yemen's reservoir of foreign currencies

The Central Bank of Yemen said that its foreign currencies reserves increased again after months of decrease due to the reduction in the country's petroleum income.

Governor of the central bank, Ahmed Abd El-Rahman El-Samawi, said the foreign reserves exceeded $1 billion -- enough for more than five months of imports.

The foreign reserves retreated much in the middle of last year and dropped to nearly $750 million from $1.2 billion at the end of 1997.

El-Samawi said the Yemeni central bank fulfilled all its international commitments whether in installments or interest payments on debts due to countries belonging to the Paris Club or regional and international organizations.

Yemen was classified as being among the best countries for fulfilling its debts' commitments in spite of prevailing non-favorable economic conditions, as Yemen paid 1$60 million in loans and interest last year.