CBY intervenes to protect national currency [Archives:2005/865/Local News]

August 4 2005

SANA'A- The Central Bank of Yemen (CBY) shouldered recently the responsibility of protecting the national currency to encounter playing with it in the local banking market. It supplied the local banking market with around 53 million US dollars to maintain stability of the national currency's exchange rate against the dollar and restrict playing with it in exchange shops.

This intervention comes in the framework of well-planned strategies to stop speculating the national currency and stopping playing with the exchange rate.

The CBY is pursuing such developments and in the exchange market and ensuring procedures to detect stability of exchange rate.

The CBY sold last June 236 million dollars to the banking market to rescue the status of the Yemeni rial after the price of US dollar went high to 195 rials.