Yemen: Yemeni Central Bank Stabilizes Rial Exchange Rate and Affirms Ownership of Recent Exchange Purchases

Arab Sea Newspaper - Follow-ups

Arabian Sea - Yemen - Follow-ups: The Central Bank of Yemen announced the fixing of the exchange rate of the Yemeni riyal against the Saudi riyal at 425 riyals for purchase and 428 riyals for sale, and the adoption of this price in all banking transactions in accordance with the approved controls for banks, exchange companies, and the National Committee for Regulating and Financing Imports, until further notice. In a statement issued after its fifth periodic meeting of the Board of Directors, the bank clarified that all amounts of foreign currencies purchased during the past two days by banks and exchange companies are the property of the Central Bank and the National Committee for Regulating and Financing Imports, based on the mechanism agreed upon with the banking sector since the committee began its work. The statement indicated that the council discussed developments in the exchange market and the achievements of the National Committee for Regulating and Financing Imports, expressing its satisfaction with the noticeable improvement in the value of the national currency against foreign currencies. The bank considered that this improvement reflects the success of the recent monetary measures, government support, in addition to the support provided by brothers and friends to face the exceptional economic circumstances. The council also decided to task the bank's executive management with taking strict measures against exchange companies and establishments that violate regulations or collude with speculators who are trying to destabilize the exchange market.