Saudi Arabian king deposits $2bn in Yemeni CB to back currency

Saudi Arabia’s King Salman ordered a deposit of $2 billion to be paid into Yemen’s central bank on Wednesday to shore up the weak Yemeni currency, Reuters reported, citing the Saudi government. The move came a day after the Yemeni prime minister issued a public plea for funds to prop up the rial and help stave off hunger in the war-torn country. “It’s not a loan, it’s a deposit and the legitimate Yemeni government will not have to pay it back,” said a source close to the Saudi government. Yemen’s rial has lost more than half its value against the US dollar and soaring prices have put some basic commodities out of reach for many Yemenis.