Yemen Central Bank Halts Foreign Currency Trading to Curb the Collapse of the Yemeni Rial
The Central Bank of Yemen in the temporary capital, Aden, has ordered all exchange companies and money transfer networks to cease buying and selling foreign currencies. This move aims to limit the ongoing collapse of the Yemeni rial in areas under the control of the internationally recognized government.
A circular issued by the Yemen Exchange Association specified that all foreign currency transactions should be suspended and converted to Yemeni rial until further notice.
This decision follows directives from the Central Bank, which indicated that strict actions, including the revocation of operating licenses, will be taken against violators.
The Yemeni rial has witnessed a historic collapse, with the price of the U.S. dollar reaching 2279 riyals and the Saudi riyal hovering around 620 riyals.
This collapse has led the Central Bank to criticize the Presidential Leadership Council and the government for not responding to its suggestions regarding how to address the currency crisis.
In an emergency meeting, the Central Bank reiterated its commitment to stabilizing the national currency and protecting the banking and financial sectors.
It also emphasized the importance of strengthening cooperation with international countries and banks to address the repercussions of the Houthis' designation as a terrorist group and its impact on Yemen's economy and citizens' transactions.
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