The local currency improves and the central requires merchants to supply the equivalent of the approved appropriations

The local currency improves and the central requires merchants to supply the equivalent of the approved appropriations


The Yemen's central bank on Thursday called on local merchants and banks with appropriations from the 19th or previous installments approved to supply the equivalent of the funds to the central bank over the next week, after approval from the bank.

The central bank has stressed to all merchants and banks the obligation to supply and complete the rest of the procedures in the period specified, during the coming week, “unless their credits will be cancelled to be used in other credits."

The bank threatened merchants and banks to reconsider accepting any new funds for merchants whose credits would be cancelled.

The move is likely to push for the recovery of the Yemeni riyal to foreign exchange, where the riyal has slightly improved this week, and the US dollar price fell from 590 riyals to 530 riyals.

This recovery follows the announcement by the central Bank of Yemen of the arrival of the approval to withdraw from the Saudi deposit for payment number 19 in the amount of 70.2 million and at the same rate of the previous exchange of 440 riyals for the dollar, to cover the costs of commodities according to applications from Islamic and commercial banks operating throughout Yemen.

Despite the recovery, however, commodity prices are still high, and some are still at prices adopted by traders when the dollar reached 800 riyals last September.


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