Central Bank of Aden Blows up the Deposit

The local currency in the coalition-controlled areas, southern Yemen, collapsed again only after a few hours of its recovery.

This comes amid arrangements in the Central Bank to officially set the exchange rate.

Banking sources in Aden reported that the price of the dollar rose to above 1220 riyals during today’s trading, and it is expected that it will exceed the 1250 riyal barrier in the coming hours.

The rise in foreign currencies came before the central bank in Aden launched a new auction to sell new millions of foreign currencies. In the context, sources in the bank revealed that the board of directors discussed to keep the price of the dollar at the barrier of 1255 riyals, without any new reduction.

The Central Bank refused earlier today to officially set the exchange rate, despite the state of confusion in the local market due to the announcement of a new Saudi deposit of one billion dollars.

For his part, the Governor of the Central Bank, Ahmed Al-Maabqi, hinted during a call to the official channel of Aden government, that the bank did not benefit from the deposit. He pointed out that it is in support of what he described as the reforms of Aden government.

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