Yemeni central Bank announces emergency action plan to stabilize the Riyal price

Yemeni central Bank announces emergency action plan to stabilize the Riyal price


Yemen's central bank in the southern city of Aden on Saturday announced an emergency plan to stabilize the price of the Yemeni riyal against foreign currency.

The Board of Directors of all exchange companies operating in Yemen will be invited to meet in the central bank building and the meeting will be held between the bank's leadership and each company, said a communiqué issued by the bank's banking supervision sector.

He said that the bank will review the central bank's plan of management and control of the banking sector and the policy of interfering in influencing the supply and demand of foreign currencies, as well as reviewing the irregularities and abuses recorded during the period prior to the banking sector in general and to each company in particular.

He noted that the records and plans of each company will be signed in the next phase, the obligations that each company has to abide by and its plans to improve its working procedures, especially those related to combating money-laundering and the financing of terrorism.

The bank explained that the bank's plan to control the banking sector and the policy of interfering with the impact on supply and demand will be reviewed, the irregularities and abuses recorded during the period prior to the Exchange companies will be reviewed, and the bank warned that it will deal decisively with the violators.

The statement comes two days after Hafez Muaiad was appointed governor of the Central Bank of Yemen, replacing former governor Mohamed Zammam, who has been accused of many corruption cases in the sale and purchase of foreign currency.


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