The central bank begs the citizens to stop dealing in dollars
English - Tuesday 22 September 2020 الساعة 04:47 pm
Aden, NewsYemen, Exclusive:
In a statement on Monday evening, the Central Bank of Yemen, Aden, requested citizens and commercial and service establishments to deal in the national currency in all internal transactions and to prohibit the use of foreign currencies.
The bank said that during the recent period it had monitored the growing phenomenon of adopting foreign currencies, excluding the local currency, for payment operations in domestic commercial and service transactions, which would negatively affect the value of the national currency in the money exchange market.
It added that the use of foreign currency as a means of payment in the sale or purchase of goods, or as compensation for services, put pressure on the exchange rate of the "riyal", undermined the general stability of prices and worked on direct damage to the citizen's standard of living.
The statement of the Central Bank of Yemen, Aden, came after the downward collapse of the value of the national currency, which recorded 840 riyals to the dollar, in yesterday's transactions, amid unprecedented panic in the middle of the people, due to its negative repercussions on food and services prices.
The difference in the exchange rate against the dollar between Sanaa and Aden reached 30%, and the Central Bank of Aden was unable to deal with the collapse of the riyal, after it lost its prestige in front of money changers, and squandered opportunities and money during the past five years.
The report of the Swiss Capacity Assessment Organization - Yemeni Economic Trends 2020 - said that the Yemeni riyal loses its importance as a means of exchange while using the Saudi riyal and the US dollar, which increases with the conversion of foreign currencies to the basic position of exchange.
The international organization concerned with assessing humanitarian needs expects the continuing difference in the value of the riyal between the areas controlled by the Houthi militia and the areas controlled by the legitimate government.
