Yemen's president Hadi names new central bank governor

© Reuters. Yemen’s president Hadi names new central bank governor

RIYADH (Reuters) – Yemen’s President Abd Rabbuh Mansur Hadi appointed former finance minister Mohammed Zammam as head of the central bank, the state-run Saba news agency reported on Sunday.

Yemen has been divided by nearly three years of civil war between the internationally recognized government, backed by Riyadh, based in the south, and the Iran-aligned Houthi movement which controls the north, including the capital Sanaa.

Its currency, the rial, has lost more than half its value against the dollar and soaring prices have put some basic commodities out of reach for many Yemenis.

In January, Saudi Arabia’s King Salman ordered a deposit of $2 billion be paid into Yemen’s central bank to prop up the weak currency.

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