Tuesday, February 27, 2024

Amid a major currency collapse, 54 trading companies were suspended in Aden


The Central Bank of Yemen on Saturday evening officially announced the closure of 54 companies and exchange outlets in the southern port city of Aden, regulating the transaction business and withdrawing licenses for their operations for non-compliance with the bank’s instructions.

As the value of the Yemeni currency continues its sharp and record decline, the central bank suspends a large number of trading companies in the coastal city of Aden, reaching its lowest level against the dollar and foreign currencies. The dollar price approached the barrier of 1400 riyals, amid waves of unprecedented price rises. Disgusting and insane rise in food prices in Aden and the southern governorates.

Aden-headquartered Central Bank assured that these companies would be sent to competent authorities (judicial and security) to complete the process of enforcing the necessary legal procedures against them based on the decision of the Central Bank. , And the Central Bank of Yemen in its statement stressed the need to comply with all instructions governing the transfer process. And avoid practices and practices that speculate on the exchange rate it provides and are detrimental to market stability.

Traders say the pace of political and military progress in Yemen has seen an unprecedented fall of about 150 riyals against the dollar in just ten days.

Dealers in Aden told Reuters: The riyal price was at an all-time low of 1,350 riyals per dollar and 1,370 riyals on sale on the exchange on Saturday evening, up from 1,320 riyals on Thursday and about 1,210 riyals per dollar 10 days ago.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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