The Central Bank of Aden imposes a single remittance network on exchange companies
English - Thursday 01 October 2020 الساعة 10:58 am
Aden, NewsYemen, Exclusive:
The Central Bank of Yemen, Aden, obligated exchange companies to consult with the Banking Supervision Sector within the next two days, to determine the work of a single remittance network.
On Wednesday, September 30, the Central Bank of Yemen, Aden, issued a decision to exchange companies to stop working on local remittance networks, giving them two days to liquidate their remittances.
The Central Bank’s decision to limit local remittances to one network came to be able to supervise and control the flow of remittances and their size, given that the local money transfer networks currently operating are beyond its control.
The national currency was subjected to downward pressures, losing 25 percent of its purchasing power in 2020, and 70 percent compared to its value in early 2015, and the riyal's price declined by 270 percent against the dollar.
The exchange rate of the riyal in today's transactions reached 820 riyals to the dollar in Aden and Hadhramaut, and 610 riyals to the dollar in Sana'a, with a difference between Sanaa and Aden of 30%.
