A major collapse of the Yemeni riyal and the central bank takes urgent measures in Aden

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A major collapse of the Yemeni riyal and the central bank takes urgent measures in Aden

Reuters

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The Central Bank of Yemen officially announced the suspension of 54 companies and exchange shops in the coastal city of Aden in the south of the country, and the withdrawal of licenses to practice their activities for not complying with the law regulating exchange business and the bank’s instructions.

Dealers in Aden told Reuters that the Yemeni riyal recorded an unprecedented decline in the exchange market on Saturday evening, to 1,350 riyals per dollar for purchase and 1,370 riyals for sale, compared to 1,320 riyals on Thursday and about 1,210 riyals per dollar 10 days ago.

The Central Bank of Yemen’s suspension of this large number of exchange companies comes at a time when the value of the Yemeni currency continued its sharp and record decline, reaching the lowest level ever against the dollar and foreign currencies in the coastal city of Aden, where the dollar price approached the barrier of 1400 riyals, amid an unprecedented wave of price hikes. The obscene and the crazy rise in the prices of food commodities in Aden and the southern governorates.

The Central Bank, headquartered in Aden, confirmed in a statement seen by Reuters that these companies will be referred to the competent authorities (judicial and security) to complete the process of implementing the necessary legal procedures against them, based on the decision of the Central Bank.

In its statement, the Central Bank of Yemen stressed the need to adhere to all instructions regulating exchange activities issued by it, and to avoid acts and practices that would speculate in the exchange rate and harm the stability in the market.

Traders say that the speed of political and military developments in Yemen is what led to an unprecedented decline in the exchange rate of the riyal.

Source: Reuters





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