Saudi Arabia has given a $200 million cash infusion to Yemen’s Central Bank to shore up its reserves after the war-torn country’s currency went into freefall over the past few weeks.
The state-run Saudi Press Agency says the “donation” will help “achieve stability of the Yemeni economy and boost the local currency.”
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A Saudi-led coalition backing Yemen’s internationally recognized government is at war with the country’s Shiite rebels, known as Houthis. The government controls the south, where its Central Bank is located, while the Houthis control the north of the country.
The fighting has killed over 10,000 people and pushed Yemen to the brink of famine.
The Yemeni rial has lost nearly half its value this year and traded 800 rials to the dollar on Monday. Food prices have soared.
