Yemen Monitor – Newsroom:
On Thursday, the Central Bank in Aden issued a new decision to suspend the licenses of seven additional exchange companies and establishments for committing violations.
The suspended companies are:
- Al-Mujrabi Exchange Company
- Al-Muntab Brothers Exchange
- Noon Exchange
- Saad Al-Yafie Exchange
- Al-Mushaba’ Exchange
- Al-Muqbeli Exchange
- Ali Dabla (remittance agent)
This brings the total number of companies whose licenses have been suspended by the Central Bank to 37.
This action follows Wednesday’s announcement by Yemeni Central Bank Governor Ahmed Ghaleb that the banking system’s relocation to the interim capital of Aden had been completed. This move is part of efforts to enhance monetary stability and regulate the banking market. Ghaleb confirmed that recent measures against speculators have led to a noticeable improvement in the riyal’s exchange rate.
On Wednesday evening, the dollar’s exchange rate dropped to approximately 2,400 riyals, down from 2,838 riyals on Tuesday. The Saudi riyal also fell to 650 riyals. Earlier in the day, the dollar had been trading at 2,625 riyals before its gradual decline.
Economic sources attribute this improvement to a series of measures taken by the Central Bank, including the suspension of non-compliant exchange companies. These actions, combined with parallel government steps related to budget preparation and revenue enhancement, have boosted market confidence and helped curb the decline of the local currency.
