Yemen central bank approves measures to address currency exchange rate disparities

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Yemen central bank approves measures to address currency exchange rate disparities

[29/07/2021 02:23]

ADEN - SABA
Yemen's central bank , headquartered in the temporary capital Aden, announced today, that it has taken measures to address the disparities in the exchange rate of the riyal's value between the Houthi militia-controlled territories and liberated territories.

In a statement, the bank decided to pump big-size 1000 riyal banknotes to the market in all regions of the country and intensifying its circulation in the market and re-enforce its use in cash buying and selling transactions.

The Houthi militia last year banned the new smaller size 1000 riyal notes allowing only the old big size bills in their areas of control causing a split of the same currency in the country and devaluation of the value of the smaller size bills.

The central bank today also approved taking measures to reduce the size of cash supply and keep it at acceptable levels that are quantitatively compatible with the market need for it, based on studies prepared by the bank’s specialized experts, to reduce any inflationary effects, and its negative impact on the value of the local currency throughout the Yemeni market and various regions.

The measures will obligate banks and money exchange businesses in the near future to stop imposing arbitrary and unrealistic commissions for internal transfers between different regions of the country, on the grounds of price disparity between the new and old notes.