ADEN (Debriefer)--The Yemeni exchangers association announced that exchange companies on Sunday partially resumed their activities after three-day closures forced by the collapse of the national currency.
The move comes in response to the growing humanitarian need for remittances and after getting assurances from the Central Bank of Yemen to address the rial crisis, it said in a statement.
It affirmed that buying and selling foreign currencies is still halted, urging exchangeers to demonstrate commitment.
The Yemeni rial has sharply dropped against foreign currencies in recent months. It is trading at 898 per US dollar, the lowest level ever.
In response to the crisis, the Central Bank has taken a package of measures including closing some exchange companies and shops and preventing the trade in foreign currencies. But the efforts have failed.
Last week, director of the World Food Programme said the Yemeni currency has lost 250% of its value since the war began in 2015. The prices of basic products have increased by 140% as a result, it said.
Yemeni economists however argued that the rial has lost 400% of its value, attributing that to the divided financial institutions in the Houthi-run Sanaa and the interim capital Aden which is controlled by the internationally recognised government and a Saudi-led coalition fighting in the country.
The failure of the Saudi-sponsored talks between the government and the southern transitional council has boosted the currency crisis, economists added.
