Money exchange shops remain closed in Aden

Money exchange shops remain closed in Aden

Alsahwa Net-The exchange firms in Aden continue shutting down for the second week in a row protesting actions by the central bank of Yemen (CBY) against unlicensed money exchange services.

Correspondent of the Alsahwa Net said that concerned authorities failed so far to convince money exchange services end the strike.

This led to soaring rates of foreign exchange against the local currency as well as a complete halt of money transfers in the city.

Citizens have reported being unable to collect their money transfers due to the ongoing strike.

In response to this, economist, Yousuf Saeed, said that the shutdown of the money exchange service has negative effects on citizens who need to use this service to process several financial transactions.

He added in a conversation with the Alsahwa Net that 15 money exchange services in Aden closed in solidarity with five money exchange firms that were shut down by the CBY for failure to implement the CBY foreign exchange rate and provide the CBY access to their data.

He said that the ongoing strike sounds illegal as the CBY has just begun implementation of the money exchange law and monitoring the money exchange service which enabled catching exchange dealers that violate the official exchange rate.

The Yemeni Exchangers Society called early last week money exchange services in Aden to start full strike against the CBY actions.

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