Yemen Monitor / Aden / Exclusive:
The Board of Directors of the Central Bank of Yemen, in its fifth regular meeting on Sunday evening, approved a work plan aimed at strengthening the stability of the local currency exchange rate.
The decisions included fixing the current exchange rate of the Yemeni rial against the Saudi riyal at 425 for purchase and 428 for sale, and mandating the executive management to take stricter measures against speculators.
In the past two days, there had been speculation in foreign currencies, which led to an increase in the value of the Yemeni rial, with the Saudi riyal dropping to 250 rials.
The Central Bank decided to confiscate the foreign currencies purchased by banks and exchange companies over the past two days.
To maintain this stability and prevent any market manipulation, the board issued decisive resolutions, keeping the exchange rate of the Yemeni rial against the Saudi riyal at 425 for purchase and 428 for sale, and adopting it in all transactions until further notice. It also decided that the amounts purchased by banks and exchange companies over the past two days would be considered the property of the Central Bank and the National Committee for Import Regulation and Financing, in accordance with the agreed mechanism. The executive management was instructed to impose strict penalties on exchange companies that manipulate exchange rates or engage in speculation.
The board expressed appreciation for the efforts of the National Committee for Import Regulation and Financing, praising its achievements in this field. It also voiced satisfaction with the noticeable improvement in the exchange rate of the national currency, considering it the result of the policies adopted by the monetary authority and the government, as well as the continued support of brotherly and friendly countries.
The statement concluded by affirming that the Board of Directors will remain in permanent session to monitor economic developments and take the necessary measures to ensure monetary market stability.
