Any forged money might be issued in Sana's must not be dealt with or accepted—CBY warns
The Central Bank of Yemen (CBY) has warned all citizens, financial and banking institutions and commercial businesses that they should never deal with or accept any falsified banknotes the Terrorist Houthi militias-controlled branch of the CBY in Sana'a said to be intending to illegally circulate.
Parliament establishes Council for Coordination of Policies for Bulgarians Abroad
Voting in principle on Wednesday, the Bulgarian Parliament set up a council for the coordination of policies for Bulgarians residing abroad.
Bulgarian minister says survey shows her country "First in Europe in Young People's Desire to Start Own Business"
Bulgarian Minister of Innovation and Growth said the latest Eurobarometer survey has shown her country ranks first in Europe in terms of young people's desire to start their own business.
Spain reaches the final of the European Nations League and sets a date with Croatia
The Spanish national team reached the final match of the European Nations League, after defeating Italy with two goals to one in the semi-finals of the tournament, to set a date in the final match with the Croatian national team, which succeeded in reaching the same role by defeating the Netherlands.
User Name: Password:
CBY: Floating exchange rate a correction measure not new policy
[16/08/2017 07:47]

ADEN-SABA
Deputy Governor of the Central Bank of Yemen (CBY) Abbas Al-Basha has said that the CBY's new decision for a floating exchange rate is a correction of the current currency exchange status not a transition to new exchange rate policy.
In a press statement, Al-Basha said: "The decision, would make the conditions conducive for launching the reconstruction program with support of donors led by Saudi Arabia."

He added: "The exchange rate policy in the Republic of Yemen is basically based on the floatation since 1996, and not on the fixation by tying (the Yemeni Rial) to another currency or to a free currencies basket. (This is) based on the economic and financial reform program, and the plurality of exchange rates in the cash market."

He said this correction will contribute to attracting grants and other revenues in foreign currency, mainly the grant programs to be launched by the World Bank and other donors soon; e.g.

the Social Welfare Fund's cash transfer program, the commodity imports support portfolio and relief fund as well as some public health and education programs."

He noted that it is well known in the world of exchange rate management that flotation is a regime in which a currency's value is allowed to fluctuate in response to foreign-exchange market mechanisms of supply and demand."

He pointed out that the CBY's previous bulletins on the official exchange rate reflected the market price. There was no significant difference between the official price and the market price, because the CBY possessed enough foreign cash reserves.

But when the Central Bank realized in March 2016 that the reserves were about to run out, It decided to halt its fixation intervention and limited itself to subsidizing only the price of wheat and rice."


Council of Ministers discusses state's general budget spending plan of 2024
Al-Shaddadi receives Tulia Akson
Musawah organization documents 14 civilians killed in the terrorist militia's prisons from Dhamar
Eryani: Houthi leader's confession to killing hundreds of thousands shows Houthis as a bloody gang good only at blood shedding
President al-Alimi appoints Shaei al-Zandani Foreign Minister
Presidential Council discusses latest national developments
Taiz Governor discusses plans to combat cholera, dengue fever
Al-Alimi: The Decisive Storm represented a firm message of deterrence to damaging projects
Eryani condemns Houthi torture of academician Sabri Al-Hakimi to death
Yemen welcomes adopted resolution for ceasefire in Gaza Strip

About Saba News Agency | Usage Agreement | Contact Us