The Central Bank of Yemen (CBY) injected US$ 65 million into the market on Wednesday to meet foreign exchanges needs. An official source in the bank told Saba that the bank would monitor markets and take required procedures to guarantee the financial stability and to stop currency devaluation.
A parliamentary budget committee report has recently anticipated a rise in foreign currency exchange rates against the falling national currency, thereby denying government’s ability to fulfill its bid to stabilize exchange rates. The report attributed this increase to the growing negative trade deficit of 11 percent alongside a 6 percent rise in imports.
