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IMF says Yemen can cut interest rates
- Yemen: Monday, January 28 - 2013 at 05:22
The International Monetary Fund (IMF) has said that Yemen has room to gradually reduce interest rates to support economic recovery and needs to focus on consolidating its public finances, Reuters has reported. "In view of the continued decline in inflation, there is scope for a further gradual reduction in the interest rate to stimulate bank lending to the private sector," Khaled Sakr, the IMF mission chief for Yemen, told the news service. The central bank cut its key deposit rate by two percentage points to 18% in October as inflation came down to single digits and the Yemeni rial currency stabilised.
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