Aden (Debriefer) The Central Bank of Yemen (CBY) on Tuesday kicked off online auction to sell US$ 15 million for commercial banks active in the war-torn country to meet local market needs of hard money.
Application of the new system (of auctions to sell and buy foreign cash) will start Wednesday, the Aden-based CBY said in a statement, in an attempt to save the Yemeni rial from collapse.
Demands should be placed through electronic platform by banks only, but not exchange and remittance firms, the statement said.
The auction transaction will take place via 'Refintive' platform that will organize foreign cash sales and purchases, the Bank added, noting that the bank members in the platform can only buy directly from the platform while the CBY will place bids in behalf of the non-participants.
This measure comes as part of the CBY's efforts to achieve stability in prices and exchange rates, according to the statement.
