Yemeni bank decreases US dollar to YR 548

Aden (Debriefer)
2018-11-19 | Since 4 Week

اضغط هنا لقراءة الخبر بالعربية

Central Bank of Yemen on Monday announced modification in exchange rate of its rial against foreign monies, for banking documentary credits to cover main commodities' exports funded by Saudi deposit and self-revenues, and for medical treatments.

The Yemeni rial increased to 548 for one US dollar, according official circulation issued by CBY governor, Mohammed Zimam.

The CBY amendment of local currency comes as the rial sees constant improvement, day after day.

The Bank's announcement in turn led to a new decline in hard monies on Monday, with 585 for one dollar and 155 for one Saudi real in Sana'a, and 580 for US$ and 155 for SR in Aden exchange market.

The modification decision is of great importance, economists told Debriefer, as providing merchants with hard monies contributed to restoring trust of local currency.

However, people still complain increased prices of food and other goods.

The newly appointed Yemen prime minister assured local suppliers that his government would provide hard monies for them all to import foods, and that the CBY's approach is easy.

At his 8 November meeting in Aden, PM Moein Abdulmalik called upon members of Hadhramout Chamber of Commerce and merchants to adhere to controlling rules that sets prices of commodities, to help facilitate goods inflow, and to not import commodities defined by economic committee.

Yemen imports more than %90 of its food needs, including most requirements of wheat and all rice.

Yemen, already the Arab world's poorest country, is facing the world's worst humanitarian crisis, according to the UN, with more than 22 million people (more than two thirds of the population) are in need for a type of humanitarian aid and immediate protection, including 8.4 million people unsure how to get next meal, and some 2 million children suffering severe shortage of nutrition.

This comes amid a persistently fierce war between the internationally recognized Yemeni government's forces, backed by a Saudi-led coalition, and the Iran-backed Houthi troops.

Having been escalated after the Saudi-led coalition intervened militarily in the country in March 2015, The conflict has left nearly 16,000 people dead, hundreds of thousands injured, 3 million displaced and made other thousands to flee the country.

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