Riyal exchange rate stable, says central bank governor

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Riyal exchange rate stable, says central bank governor

[08/12/2018 12:41]

ADEN-SABA
Yemen's central bank said that the exchange rate of the national currency is stable as it had provided private food importers with lines of credit and an exchange rate of one dollar for the YR 440.

In a statement to Saba on Saturday, he said that the bank's foreign-exchange reserves amount to $2.7 billion, two billion of which is the Saudi deposit put in the bank's account in March 2018. "Of this amount only $356 million has been withdrawn," he said. He said the bank would continue to cover the letters of credit for importing basic commodities until the end of 2019.

He warned of the rumored news on exchange rate in the media, saying only the bank through this state-run news agency are the authentic source on such news.

Zemam also said the bank would take legal measures against money exchange firms involved in violating the set exchange rate or impacting it through the practice of currency speculation.