Central Bank discusses with European ambassadors reasons behind national currency deterioration

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Central Bank discusses with European ambassadors reasons behind national currency deterioration

[15/10/2024 07:51]

ADEN - SABA
The leadership of the Central Bank of Yemen, chaired by the Deputy Governor, Dr. Mohammed Omar Banajah discussed Tuesday with ambassadors from European countries several topics related to the implementation of the July 2024 agreement, which was conducted under the auspices of the UN envoy.

The meeting included ambassadors from the European Union, France, Netherlands, Germany, Romania and of Greece, and advisor Luis Miguel. They discussed the reasons for the rapid and sharp fluctuations in the exchange rate of the national currency against foreign currencies.

During the meeting, the Deputy Governor explained that the Central Bank of Yemen has fully responded to all agreed-upon items with the UN envoy, including the cancellation of all procedures related to withdrawing the SWIFT system from banks that did not move their operations to Aden.

He noted that the other party has not taken any tangible steps and has not even issued a statement expressing goodwill.

Regarding the sharp fluctuations in the exchange rate, Banajah pointed out that these fluctuations are an inevitable result of the deteriorating economic situation in the country, which directly affects the banking and financial sector.

He affirmed that the Central Bank's management is working hard to overcome these challenges by using available monetary policy tools.