CBY connects exchange firms to its automatic network

2021-10-25 | Since 1 Month

ADEN (Debriefer)--The Central Bank of Yemen on Saturday asked all exchange firms to connect their systems to its automatic network within the efforts to fight currency speculation and sharp depreciation.

The process must be finalised this month, it said, pointing out that it has full power to check all operations of the exchange firms.

Firms will not be able to renew their business licences unless they connect to the bank's network through the headquarters in Aden, it said, warning that it will withdraw business licences of violators or those not implementing the new instructions.

The Yemeni rial has fallen to the lowest level against the US dollar in recent months. Today it is trading at 1,380 per dollar, down from 215 when the war broke out in late 2014.

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