CBY threatens strict actions against currency manipulators

Aden (Debriefer)
2019-04-19 | Since 1 Year

Central Bank of Yemen

اضغط هنا لقراءة الخبر بالعربية

The Central Bank of Yemen (CBY) on Thursday threatened to take every strict measure against any exchange firm or bank speculating in foreign currencies, amid re-depreciation of the local currency in the few past days.

It urged compliant exchangers and merchants to distance themselves away from speculators as the bank "will use all legal measures under local and international laws against" them in this "national battle thatshould be won in favor of nation and people."

Last Tuesday, the CBY started new measures to monitor financial transactions at exchange firmsthroughout the Arab poorest country,a move aimed at detecting money-laundering acts and organizing transfer inflows.

Yemeni rial's value on Thursday saw slight improvement against dollar; from 525 to 510 rials for one dollar, Aden-based exchangers told Debriefer.

"There was a state of preservation and fear when it comes to selling or purchasing money, particularly in terms of transfers in foreign currencies, at exchange firms on Thursday," they added.

Last Monday and Tuesday, some of Aden exchange firms suspended sale and purchase transactions under CBY directives.

The exchange market in Yemen has witnessed many new firms working under no permission from the CBY, following the 4-year war,between the internationally recognized Saudi-backed government and Iranian-backed Houthi group, and resultant destabilized situation.

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