Yemen central bank to shore up Riyal's exchange rate

Yemen central bank to shore up Riyal's exchange rate

Yemen's central bank is planning to gradually rise the exchange rate of the Yemeni Riyal against foreign currencies on a gradual basis, the state-run news agency Saba reported from a meeting the bank convened in Aden on Thursday with business involving in currency trade.

The bank's plan was unveiled a day after Saudi Arabia shored up the Riyal with a deposit of a $2 billion to stop its dramatic decline against other currencies in recent weeks.

The Riyal dropped down to 500 to the dollar just days before the Saudi bailout was announced.

Yemen's government accused the rebel militia of starting to loot the country's foreign cash reserves of $5 billion from the time of controlling the capital Sana'a militarily, September 2014.

The government's spokesman Rajeh Badi said, last week, that the militia used the amount in addition to two trillion Yemeni Rials , from the central bank in Sana'a,  "in currency speculations "which led to the decline of the Riyal's value. 

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