The Central Bank of Yemen breaks its silence and reveals the party responsible for the accelerated deterioration of exchange rates

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Today, Monday, the Central Bank of Yemen in Aden revealed the party responsible for the rapid deterioration of the riyal exchange rates against foreign currencies.

And the bank explained in a statement that it was briefed by the “Yemeni Scene” that the recent deterioration of the local currency prices arose after the intervention of others in the activity of the exchange market, and the conclusion of agreements with a number of money changers without realizing the consequences of that, as it is illegal, and is not binding on the bank; In an implicit reference to the unilateral measures taken by the Southern Transitional Council.

He added: The Central Bank is keen to avoid creating any crisis or confrontation between it and any party, and making it a cause of the significant deterioration of the value of the local currency.

He expressed his hope for everyone’s cooperation “and to be responsible, and to realize the danger of the continued deterioration in the value of the local currency, its impact on the citizen’s living life, and the risks of interfering in his affairs, or compromising the security and safety of the banking system’s performance and the laws regulating its activity.”

He reiterated that he enjoys complete independence and works in accordance with rules, professional mechanisms and controls determined by the laws in force in this regard.

The bank indicated that it did not take any decision of this kind, but rather came on the initiative of the Association of Money Changers after it was presented to the competent department of the Central Bank, where this decision was dealt with as an initiative of the Association of Money Changers and other initiatives that were circulated recently to contribute to limiting the deterioration of the currency local under abnormal or stable working conditions.

And the bank stressed that it did not accept the decision of the Exchangers Association and their recent initiative, to escape from facing the reality that the exchange market has reached, as one of the results of a number of random decisions recently issued that affect the activity of the banking system.

Banking sources reported that the bank will take firm decisions and measures next week at the level of the banking and exchange sectors to fix the situation as much as it can, to stop the sharp deterioration in the value of the local currency.



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