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The Economic Committee endorses measures to maintain exchange rates

[26/09/2018 02:49]

RIAYDH-SABA
The Committee tasked with fixing the national economy held a meeting Wednesday presided over by the Prime Minister Dr Ahmed Obeid Bin-Dhager.

The meeting devoted to discuss the unjustified implications of the national currency exchange rates against foreign currencies as a result of speculations in the exchange rates, besides other factors.

The meeting, which included the Finance Minister and the Governor of the Central Bank of Yemen (CBY), has approved several measures aimed to manage the consequences of the increasingly growing exchange rates against the value of the national currency.

Most important measure is that the CBY is going to open billing credits which traders submit to the commercial banks during the current month September and next month October on the basis of averages exchange rates of monetary market by the banks and exchange business companies far from speculation as follow:

-Offering exchangers services to cover the billing credits at exchange rate 558 YR (Yemeni Rial) for $1.
-Ending procedures of verifying the credits and making the decision of acceptance of rejection within three days only.

The meeting urge all traders to get the necessary financial services to import the commodities from the banks to benefit from this decision and to maintain the stability of the national economy, and to reduce pressure upon currency market and stop speculation.

The Prime Minister stated that the government is working its own best within its capacities to maintain the national currency value and stability. He also urged the security apparatuses to deal firmly with the exchange companies which proved lawbreakers.