Advertisement
Advertisement
Advertisement
Advertisement
Yemeni rial bounces back as central bank restructured

Yemeni rial bounces back as central bank restructured

Yemeni rial bounces back as central bank restructured

Image : Arab News

Advertisement

AL-MUKALLA: The Yemeni rial recovered by roughly 30 per cent hours after the Yemeni president reshuffled the country’s central bank board in a bid to rein in the rapid currency devaluation.

Local moneychangers told Arab News that the Yemeni rial began bouncing back on Monday night when President Abed Rabbo Mansour Hadi dismissed the governor of the Aden-based central bank and his deputy.

By Tuesday morning, the Yemeni currency rose from 1,700 to 1,100 against the dollar before dropping again to 1,250 in the afternoon.

The rial has rapidly tumbled during the past couple of weeks, reaching a historic record low of 1,750 this week, compared to 215 in early 2015.

Yemen’s president appointed Ahmed bin Ahmed Ghaleb as the new governor and head of the central bank’s administrative board. Mohammed Omer Banaja was appointed his deputy.

Advertisement

The official news agency reported that the president authorised the Central Agency for Control and Accountability to monitor the bank’s current and previous financial activities.

Four previous central bank chiefs, all appointed Hadi, failed to prevent the rial’s plunge despite their expertise and strong educational backgrounds.

The central bank had closed dozens of exchange firms and shops that violated the bank’s monetary rules and were involved in speculative activities on foreign currency.

The central bank also ordered banks in the Houthi-controlled areas to move offices and operations to Aden, or face punitive measures and provided fuel and food importers with dollars. The rial continued losing value against the dollar, as several blacklisted firms and banks continued operations in the Houthi-controlled Sanaa.

Mustafa Nasr, director of the Economic Media Center, has urged local and international support to the bank’s new administration to succeed in putting into place economic policies and also demanded resuming the flow of oil and gas exports and reviving money-generating state bodies. “

Richard Oppenheim, British ambassador to Yemen, said the reshuffle of the bank’s administrative board would help the Yemeni government carry out vital reforms to steady the economy.

Advertisement

Also Read

Dollar hits historic high against rupee
Dollar hits historic high against rupee

KARACHI: Pakistani rupee declined by 20 paisas against the dollar in early...

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story