Riyal recollapses and calls for government to disclose results of Yemeni central corruption investigation

Riyal recollapses and calls for government to disclose results of Yemeni central corruption investigation


Yemeni Riyal continues to deteriorate to foreign exchange by speculation among cashiers, and the Government's failure to address the country's financial situation to date, amid demands that the results of the investigation into the corruption operations in the central bank of Yemen be announced.

"The exchange rate has reached 600 riyals/ USD, while the Saudi Riyal has reached 157 in the past hours," said cashiers in identical statements to Al-Masdar online.

They warned that the collapse of the riyal may continue if the Government fails to implement any solutions and that the scenario of the major collapse of last September may return again as the local currency collapsed and lost about 90% of its value in two weeks.

The price of the dollar reached 800 riyals at the time.

The government began working to address the economic situation, the real recovery of the riyal and the exchange rate reached 350 riyals for the dollar, and the conditions were ready for farther improvemnt.

But the governor of the Central Bank of Yemen came out with a statement and said that the fair price of the dollar is 450 riyals, as a result of that statement the price rises within hours only to 520 riyals.

To date, the Bank is unable to achieve the fair price.

The bank's governor, Mohammad Zammam, was accused of causing market turmoil, which became apparent after the Economic Commission uncovered a major corruption in the central bank, where officials turned into currency speculators, and the amount of money learned by the bank's governor and officials amounted to about 9 billion Yemeni riyals in a month, with respect to Saudi riyals only.

As for the remaining of the currencies, such as the dollar, the Commission did not disclose the extent of corruption.

The government then directed the Central Monitoring and accounting agency to investigate those operations and, to date, has not made a public comment.


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