Yemen Central Bank May Lower Interest Rate to Boost Lending
01 Oct 2012 07:24 GMT
 
Yemen may lower its benchmark interest rate of about 20 percent to boost lending in the Arab nation, which ousted its President last year, central ban (more)

Yemen may lower its benchmark interest rate of about 20 percent to boost lending in the Arab nation, which ousted its President last year, central bank Governor Mohamed Awad Bin Humam says.

"We will go about it progressively," Bin Humam said in Kuwait City today. "Maybe it should be reduced to stimulate lending."

The nation, which received $500 million from Qatar to fund development, still needs $3 billion in foreign aid to fund projects over the next three years, in addition to the $6.4 billion in pledges it got in Riyadh in September, Bin Humam said. The U.S. has more than doubled its aid to Yemen this year to $345 million, said Rajiv Shah, administrator of the U.S. Agency for International Development.


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