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Central Bank to increase national currency's exchange rate gradually

[18/01/2018 05:32]

ADEN-SABA
The Central Bank of Yemen has decided to gradually increase the exchange rate for the national currency, Riyal, to foreign currencies and issue a daily rate update starting from next week.

The CBY made the decision in a meeting with representative of money exchange businesses in the temporary capital Aden on Thursday, a day after king Salman bin Abdulaziz Al Saudi of Saudi Arabia ordered the deposit of a $2 billion into the CBY to shore up the Rial.

The Riyal traded at roughly 500 to the dollar before the Saudi deposit, compared to 214 versus the dollar before the Houthis unleashed the devastating war in 2015.

The CBY's governor, Munassar al-Quo'ayti, decided to create a department for overseeing the exchange rate and ascertaining the compliance of money exchange businesses with the pertinent laws and regulations.

He said that there are a package of measures under the Economic Recovery plan to secure the imports that prompt most the demand on hard currencies.