Yemen C.Bank takes steps to ease pressure on citizens amid currency crisis

Yemeni youths flash the "v for victory" sign in Crater, on September 6, 2018, as protesters demonstrate against inflation and the rise of living costs. (AFP)
Updated 11 September 2018
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Yemen C.Bank takes steps to ease pressure on citizens amid currency crisis

  • The governor explained that the $62 million from the Saudi deposit
  • The Yemeni rial has lost more than half its value against the US dollar since the start of the war

ADEN: The Governor of the Central Bank of Yemen, Dr. Mohammed Mansour Zammam, said on Monday that a number of steps have been taken to ease pressure on currency markets and provide basic commodities to citizens at appropriate prices in different governorates.

“The Saudi minister of finance approved 23 applications valued at over $62 million made by Yemeni commercial banks,” Zammam said in a statement issued by the Central Bank.

The governor explained that the $62 million from the Saudi deposit. Saudi Arabia signed an agreement in March to deposit $2 billion into the account of Yemen’s central bank, under the instruction of King Salman.

Zammam said that funds and basic commodities were provided to Yemeni commercial banks for amounts of less than $200,000 as well as direct funding from the Central Bank in coordination with the government and the Economic Committee.

The Central Bank has also taken executive measures to commission Yemeni commercial banks to sell $2000 to citizens leaving Aden or Seiyun. Commercial banks will be compensated for such amounts by the Central Bank upon receipt of claims and currencies.

The statement stated that facing the economic crisis requires a combination of all governmental and societal efforts and assured that no institution, ministry or entity will face the dangers of economic collapse.

The Yemeni rial has lost more than half its value against the US dollar since the start of the war in 2015 between the government of President Abd-Rabbu Mansour Hadi, based in the south the Iran-aligned Houthi movement that controls the north including the capital, Sanaa.


Emaar is ‘most recommended’ brand in KSA, says YouGov survey

Updated 15 November 2018
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Emaar is ‘most recommended’ brand in KSA, says YouGov survey

  • The Dubai-based developer bumped Emirates airline from the top spot into second place
  • Korean car giant Kia had the most improved level of customer advocacy in the past 12 months

LONDON: Emaar has claimed top spot in a list of most recommended brands in Saudi Arabia, according to a YouGov survey.
The Dubai-based developer, more associated with its home emirate than the Kingdom, nevertheless raced up from fifth position last year and bumped airline Emirates from the top spot into second place.
The rankings reflect a mix of brands including travel, real estate, consumer goods and financial services, YouGov said.
“Brand advocacy is an indicator of a brand’s performance in terms of customer service and satisfaction,” said Scott Booth, the regional head of YouGov BrandIndex.
“A recommendation from friend or family is one of the most powerful votes of confidence and provides invaluable endorsement for a brand.”
Apple, iPhone and Almarai have seen a drop in the Advocacy Rankings, produced by YouGov’s daily brand tracking tool BrandIndex. It measures how much current and former customers endorsed brands over the past year by asking respondents, “Would you recommend the brand to a friend or colleague?” or “Would you tell a friend or colleague to avoid the brand?”
Korean car giant Kia had the most improved level of customer advocacy in the past 12 months.
Other brands such as Bison, Power Horse, Coca-Cola Zero, Red Bull and Pepsi Max also registered significant improvement in their brand advocacy scores this year.