The move is an attempt to set up a “functioning and legitimate” Yemeni government, Marcus Chenevix, Middle East and North Africa (MENA) analyst at TS Lombard, told CNBC in a phone interview Wednesday.
Chevenix added that while he anticipated the deposit to be a one-off in terms of its “very large” size, Yemen could expect “continued support” from Riyadh in the future.
Yemen’s central bank, which is based in the southern port city of Aden, has struggled to pay public sector salaries amid a sharp drop in foreign exchange reserves.
