Exchange shops in Aden continue shutting down

Exchange shops in Aden continue shutting down

Alsahwa Net-The exchange firms in Aden continue shutting down for the second successive day protesting actions of the Central Bank of Yemen (CBY).

Correspondent of the Alsahwa Net said that all exchange shops including Yemen’s largest exchanger Al-Kurami company have been closed since Monday in response to an invitation for strike by the Yemeni Exchangers Society.

The strike has ceased financial and banking transactions in Aden.

Yet, the strike allowed the black market of the money exchange to thrive in the city where citizens found themselves forced to use the informal exchange dealers.

The strike by the money exchange firms in Aden began following a campaign by the CBY which targeted money exchangers that do not commit to the CBY exchange rate.

In response to strike, the Office Administrator of the CBY governor, Bassam Othman wrote on his Facebook page that the strike is an attempt to hold the CBY responsibility over the major reason of the ongoing devaluation of the national currency.

Othman blamed accumulated corruption, systematic failure and planned instability for the mismanagement of the state departments.

The CBY closed several small money exchange shops in Aden accusing them of illegal manipulation of the local currency.

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