CBY in Aden adjusts dollar price to cover imports

English - الأربعاء 05 ديسمبر 2018 الساعة 08:38 م
Aden – Newsyemen

The Central Bank of Yemen (CBY) announced on Monday that the exchange rate of the National Currency against other currencies to cover the bank's commodity balance was adjusted by the Bank to 440 Y.R a per dollar.

This is the fourth revision by the CBY in the interim Capital Aden for the US dollar to cover commodity imports in less than a month.

The bank adjusted the dollar to support imports from 585 to 540 then 520 then 480, which is criticized by financial experts.

Economists said to Newsyemen that the accelerated rate in the changes of the US dollar by the CBY to finance imports have affected the price of the National currency.

Experts added that the CBY is governed by the market and not the procedures being carried out by itself.

The CBY in Aden announced last week that total withdrawals from the Saudi deposit amounted to $ 300 million over the past months.