U.S dollar expected to decrease to YR180

The national currency continued its recovery against the U.S dollar and other foreign currencies for the second consecutive week following the government’s effective measures for the protection of the riyal.
 
According to 26 September official website, responsible financial and economic sources expected the riyal to continue to improve in the upcoming period 180 riyals for one dollar. The sources added that a committee was formed by the Central Bank of Yemen to observe the exchange rate and to launch extensive campaigns in order to watch exchange facilities and monitor the progress and the commitment of instructions of the Central Bank.
 
The sources, moreover, revealed that the campaigns undertaken by the Committee exposed a number of exchange companies who were operating without licenses and will be closed. The exchange companies that are not operating in accordance with the instructions, regulations and laws of the Central Bank will be referred to the prosecution and have their licenses withdrawn.
 
The dollar has decreased in recent days against the riyal to YR214 for purchase and YR215 for sale after the dollar exceeded YR250 within the month of July.
 
The Central Bank announced that it took strict procedures against 20 foundations, companies and exchange facilities which were manipulating the prices, purchase and sale of the national currency against foreign currencies.

Related Content

•  Yemen conducts non-competitive but necessary and historic elections
•   Leader of al-Qaeda in Yemen kisses and bids final farewell to slain mid-level leader
•   Yemen’s JMP leader attacks Islamist Party overall conduct
•   Seven al-Qaeda fighters killed in South Yemen
•  Yemenis determined on elections as the only way for power transfer
•   US drone and missile attacks killed 10 al-Qaeda operatives in Yemen, top leader survived
•   Yemen determines on elections as the only way for power transfer
•   Yemen President clears airs with his own tribe before flying to US for treatment
•   UNICEF officials: half a million children in Yemen are likely to die from malnutrition
•   Yemeni-Turkish medical conference starts in Sana’a