CBY announces providing private banks of foreign currency

September Net

The Central Bank of Yemen (CBY) has announced readiness to provide private and Islamic banks with foreign currency with a price of YR 506 for one USD or less.

“The Central Bank’s foreign banking operation sector announces the bank is ready to provide all commercial and Islamic banks with them their need of foreign currency with the price of 506 YR for one USD or less … for covering credits and importing transfers to their clients and to all goods except basic goods financed by Saudi financial deposit and oil derivatives which has special prices,” said the bank in a release on Monday.

The release confirmed that the central bank seeks to create stability in goods prices and services.

The bank called all merchants, businessmen and companies to deposit their funds to banks for making use of facilitations provided by the central bank and for protecting their trade and funds from currency speculation.