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Volume :10 Issue : 37 1984      Add To Cart                                                                    Download

DOMESTIC SAVINGS AND DEVELOPMENT POLICIES IN THE YEMEN ARAB REPUBLIC

Auther : By: Dr. Abdul-Rahman Zaki Ibrahim

This paper attempts to answer two basic questions; what are the effects of the negative role-played by savings in the Yemeni economy? And what are the most appropriate ways and means for the dynamic formation and mobilization of domestic savings?

The preliminary study of the second five-year plan (1982 – 86) shows that the saving gap – not the trade gap, is the determinant fact in Yemen Arab Republic’s economic development. Development involves the increasing use of capital resources, and saving in this sense becomes the cornerstone for capital formation in a strategy of self-reliance. Although Yemen Arab Republic can raise capital from external sources through loans from the developed countries, yet, there is no substitute for local resources, which could be made available through domestic savings.

The effectiveness of the policies adopted to encourage the formation and mobilization of domestic savings is determined by a number of factors, namely: awareness of the public authorities of the important function of household savings in the Yemen Arab Republic economic development, the promotion of nation-wide publicity campaigns for encouraging domestic savings, stabilizing the purchasing power of the local currency to counter the negative effects of inflation on the tendency to save money, the active participations of the central bank in carrying out necessary actions for the surveillance and disciplining of all banking institutions and increasing the number of saving institutions in rural areas e.g. post offices, saving banks, commercial banks…..etc.

It is needless to mention that it is of paramount importance that the national economy should be guaranteed with a sufficiently strong base of domestic savings to cater for the needs of investments necessary for economic progress in the Yemen Arab Republic, independent from any interim external assistance.

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