Reports & News

Thu - 08 Nov 2018 - 10:27 AM ،،،

 The Central bank of Yemen is studying to include many foreign exchange offices and companies on the blacklist, after a number of illegal practices have been found in many companies.

The Yemen Central Bank in Aden had to resort to those actions, to save the collapse of the national currency the (Yemeni Rial), after it reached a record level of decline against the foreign currency.

The Yemeni Central Bank yesterday discussed the validity of the measures which were taken to stop the decline of the national currency and to improve the rate of the Yemeni Rial.

President of the Economic Commission Hafeth Meaad confirmed in a post on his Facebook account that the bank studied and came to the conclusion that (Alhattar Exchange company )and several other companies will be blacklisted, as a result of their manipulation and unsafe trading with the national currency.

Alhattar and several other exchange companies have been previously warned on many occasions but did not take advantage of the warnings and opportunities granted to them.

Meaad revealed that a number of money and currency exchange companies. have come forward with a list of companies who have caused the downfall of the national currency the  (Yemeni Rial).

President of the commission pointed that the firm decisions in blacklisting the culprits will help to control the situation in the market and will lift the burden of high prices on the public, who was the first to suffer from the high exchange rate.

It is worth mentioning that the Yemeni Rials' value in the market has slightly improved as result of a number of measures which the Central Bank of Yemen has taken, such as; benefiting from the Saudi deposit to fund traders to be able to import commodities as well as restoring the financial cycle via the Central Bank.