Central bank launches measures to stabilize Riyal exchange rate

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Central bank launches measures to stabilize Riyal exchange rate

[10/09/2020 03:28]

ADEN - SABA
The Central Bank of Yemen has launched a set of measures to “remedy the irregularities in the foreign currency market which will lead to stabilizing the exchange rate of the national currency,” the bank said in a statement on Thursday.

The bank said the measures include the determination and enforcement of “mechanisms to regulate the demand on foreign currencies in the market, including the demand that has to do with covering the cost of fuel imports.”

Under the new mechanism, importers of fuel will deposit their daily sales cash in Yemeni Riyal to the commercial banks, while the central bank affords foreign cash for them.