The Governor, Mr. Ahmed Al-Samawi confirm in his opening address for the Fourth Conference of the Banks and Islamic Financial Institutions in Damascus that Yemen has been expanding in the area of Islamic banking in annual growth exceed the world growth rate estimated at 10-15 %.

He emphasizes on the role of the Islamic banking in achieving economic growth , he indicates that Islamic banking in Yemen represent 30 % of total asset of banking sector and 27% of total deposits.

The boards of director have met yesterday to review the last financial, economic and monetary developments. And approved the financial statements of the audited accounts of the Bank issued by an independent auditor for the ended fiscal year 31/12/2008.

The board also reviewed the last developments of the inflation rate in the domestic market. The data indicate that the inflation rate have reduced to less than 3 % at the end of March 2009 on an annual basis.

Within this framework and upon the recommendations of the monetary policy committee; the board decides to reduce the minimum interest rate for saving deposit in riyal to be 10 % while leaving the interest rate for the other various kind of deposits to be determined by banks as long as not exceeding the minimum rate ceiling defined by the central bank of Yemen. Issued in this regards the resolution no (2) for the year 2009 by the Governor of Central Bank of Yemen. Download Hear.

In A seminars organized by the center of studies and economic information and the banking magazine issued by CAC Bank , The Governor of the central bank of Yemen Mr. Ahmed Abdulrahman Al -samawi delivered a speech on the importance of the microfinance banks . He emphasized on the role of the microfinance banks in accelerating the economic growth and reducing the poverty and unemployment. He also confirms that the risk is limited in these microfinance banks since its loans are very small and the percentage of default is small if it its compared to commercial banks.

The Governor pointed out that Central Bank of Yemen have trained a team of employees specialized in monitoring microfinance banks in cooperation with the German KWF .

In his final statements T he Governor shed some light on the recent development in the banking sector

Sponsored by his Excellency Mr. Ahmed Al-Samawi – Governor of central bank of Yemen, The Central Bank honored yesterday in Aden 130 of its retired and outstanding employees from different governate . He confirm that those awarded employees are an ideal models of those really exist in Central Bank of Yemen . He emphasize on their role in achieving the goals of central bank while they were in duty which was characterized by tender, effort and sincerity.

His Excellency also give a lecture in Aden university about the global financial crisis and its impact on the Yemeni economy in particular and the recent development that recently witnessed in the banking sector . in addition to that , he demonstrate the actions and the procedures that have been done by the central bank in order to avoid any negative effect on our financial sector .FOR MORE DETAIL IN ARABIC PRESS

Sponsored by his Excellency Mr. Ahmed Al-Samawi – Governor of central bank of Yemen, The Central Bank honored yesterday in Aden 130 of its retired employees from different governate . He confirm that those awarded employees are an ideal models of those really exist in Central Bank of Yemen . He emphasize on their role in achieving the goals of central bank while they were in duty which was characterized by tender, effort and sincerity.

His Excellency also give a lecture in Aden university about the global financial crisis and its impact on the Yemeni economy in particular and the recent development that recently witnessed in the banking sector . in addition to that , he demonstrate the actions and the procedures that have been done by the central bank in order to avoid any negative effect on our financial sector .FOR MORE DETAIL IN ARABIC PRESS <ARABIC>