VOL. XXXIII
NO. 10
11-December-1989
Financial and Banking News
Loans & Issues
North Yemen Defaulting on Commercial Debt North
Yemen, which has been suffering from a sharp deterioration of its currentaccount despite the development of an oil industry (MEES, 22 May), has slippedinto default on two major syndicated commercial loans arranged with primarilyArab banks in Bahrain. North Yemen's current account deficit has ballooned fromYR1.21bn ($125mn) in 1986 to YR6.78bn ($694mn) in 1988 and the...
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