Yemen Monitor – Newsroom:
In a new move aimed at regulating the exchange market and strengthening the stability of the Yemeni rial, the Central Bank in the interim capital, Aden, issued binding directives on Thursday evening, July 31, requiring exchange companies and money changers to set a maximum purchase price for the Saudi riyal at 535 rials, and a selling price at 538 rials.
This decision comes amid a noticeable improvement in the local currency’s exchange rate in recent days. The bank seeks to maintain this positive trend and prevent manipulation of foreign currency prices.
According to an official circular from the Association of Money Changers, the Central Bank confirmed that the new pricing comes into effect starting 5:00 p.m. on Thursday, allowing transactions at rates lower than the set ceiling, whether in Saudi riyals or other foreign currencies, depending on market conditions.
The circular also emphasized that all exchange companies and establishments must comply with these rates, warning that strict measures will be taken against violators—including the revocation of licenses for non-compliance.
This announcement follows a statement on Wednesday by the Central Bank Governor, Ahmed Ghaleb, in which he confirmed the completion of the transfer of the banking system to Aden as part of broader efforts to enhance monetary stability and regulate the financial market. He noted that recent actions against currency speculators have led to a marked improvement in the rial’s exchange rate.
