Gov't taking measures to stop Riyal devaluation, spokesman Badi says

Gov't taking measures to stop Riyal devaluation, spokesman Badi says

The Yemeni government's spokesman Rajeh Badi said on Monday that the government is taking "exception measures" to stop the depreciation of the Yemeni Riyal.

The government was prompted by the all-time drop in the value of the Yemeni Riyal against foreign currencies, trading at nearly YR 500 to the dollar in the black market earlier in the day.

Badi said the government will take remedial actions including expediting the placement of a Saudi pledged deposit in Yemen's Central Bank. 

Badi said the Houthi militants looted Yemen's foreign cash reserves of $5 billion as they took over militarily, starting from 2014.

The militia used the amount in addition to two trillion Yemeni Rials that had been in the Central Bank( in Sana'a "in currency speculations "which led to the decline of the Riyal's value until today.

 

Badi said that his government and international agencies have authentic knowledge about Iranian counterfeiting of the Yemeni currency, which contributes to its devaluation.

 

 

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