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Board of Directors of CBY discusses recent developments in currency exchange, makes decisions

[31/08/2025 07:42]

ADEN-SABA
The Board of Directors of the Central Bank of Yemen (CBY) held its fifth regular meeting this evening, Sunday, as part of the current session of the Board.

The session aimed to address several important and vital issues, most notably the progress of work in the National Committee for Regulating and Financing Imports (NCORFI) and the achievements made during the short period of the committee's work.

The Board also profoundly discussed the current developments in the currency exchange rate.

After an extensive discussion of the data and future forecasts, and to maintain stability and prevent market manipulation by speculative forces that have lost their interests, the council decided to maintain the announced exchange rate for the Yemeni Riyal against the Saudi Riyal, which is set at 425 for buying and 428 for selling, and to adopt this rate for all transactions according to the approved and announced regulations for banks, exchange companies and NCOFI until further notice.

The Board decided that all amounts purchased by banks and exchange companies of foreign currencies over the past two days are the property of the CBY and the NCOFI, in accordance with the agreed mechanism with the banks and exchange companies since the establishment of the NCRFI.