USD = 540.. exchangers manipulate Riyal price and accusation to central officials of speculations

USD = 540.. exchangers manipulate Riyal  price and accusation to central officials of speculations

The Yemeni riyal continues its drop against foreign exchange and the dollar price reached 540 riyals after it was stable at 500 riyals per dollar, while the governor of the bank said that the fair price of the dollar is 440 riyals.

"The exchange companies are manipulating the price of the currency, after the absence of the real role of the Central Bank of Yemen and government authorities, and it is likely that the riyal will see a greater decline in the next two days," said exchangers to Al-Masdar online.

They added that exchange companies manipulate the price of the currency, and from behind that they earn huge profits.

According to one exchanger, the extent of the manipulation of the exchange companies amounted to the extent that they exploited the air raids on the capital Sana'a, and the exchange increased from 530 to 540 riyals in just a matter of minutes, which repeats the scenario of the great collapse of the currency last September.

The cashiers demanded the central bank to intervene.

Other bankers accused the central bank of Yemen of manipulating the price of the currency and entering the market as speculators, exploiting the precarious situation of the banking market.

The Yemeni riyal had seen a noticeable improvement at the end of last November, and the dollar reached 460 riyals, but only one week later, and then fell to the limit of 500 riyals.

As a result, food prices have improved relatively.


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