Saudi Arabia Reported To Deposit $1 Billion in Yemen’s Central Bank

Saudi Arabia was scheduled to deposit $1 billion in Yemen’s central bank in Aden, the capital of the internationally recognized government, on Tuesday, Reuters reported, citing an unnamed Saudi source. An official announcement reportedly will be made later on Tuesday in Riyadh at the conclusion of the kingdom’s Riyadh International Humanitarian Forum. Saudi Arabia has led a military coalition in support of Yemen’s government against the Iran-backed Houthi rebels since 2015. In May, Saudi Arabia and the United Arab Emirates pledged  $3 billion in support of the internationally recognized government; it is not yet known whether the $1 billion to be deposited in the central bank is part of this $3 billion or in addition. The years-long civil war in Yemen has led to a weak currency and high fuel and commodity prices. The Houthi-led areas of Yemen have their own central bank in Sanaa, which was captured by the Houthis in 2015. A months-long cease-fire between the Yemeni government and the Houthis expired in October 2022, despite efforts to renew it.