In a step to improve the value of the riyal.. Central Bank announces coverage of oil derivatives imports

In a step to improve  the value of the riyal.. Central Bank announces coverage of oil derivatives imports


Yemen's central bank in the southern city of Aden on Tuesday announced the adoption of a unified mechanism to cover the country's imports of petroleum derivatives between the central bank, local banks and oil importers.

According to bankers, the move will ease the rush to buy foreign currency from the black market, which is well reflected in the improvement of the Yemeni riyal to foreign exchange.

The banking supervision sector said in a statement published by the Bank on its page on "Facebook ", that the established mechanism requires the importers and distributors of petroleum derivatives to deal with the Yemeni riyal through the approved banks only.

"Importers will be covered in foreign currencies," he added.

The bank confirmed that it had reached all importers of petroleum derivatives, that, as of today, it would not grant licences for the import of petroleum derivatives and that shipments would not be licensed to the Yemeni ports unless their value was covered according to the established mechanism.

He explained that the mechanism was coordinated with all parties, Yemeni banks and the Economic Commission.

The central bank called on all importers and distributors of petroleum derivatives to abide by the mechanism and limit their dealings with the Yemeni riyal and through the approved banks only with no violations.


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