The government of Yemen is examining treatments for the deterioration in the exchange rate and the United Nations warns

Yemeni Prime Minister Maeen Abdul-Malik held a meeting in the interim capital, Aden, with Central Bank leadership on Thursday to discuss the direct repercussions of the deterioration in the national currency’s exchange rate, as the United Nations warned of an unprecedented collapse in the value of the Yemeni riyal.

And the official Yemeni news agency reported that the meeting examined a number of urgent treatments and pathways to address the price speculation that exists in the exchange and the mechanisms for its swift and immediate application, including providing the necessary facilities to open bank accounts, regulating import transactions, and taking the most severe penalties against offenders and speculators.

Deputy Governor of the Central Bank of Yemen presented recently approved monetary policy to address exceptional circumstances and major challenges, including the seizure of speculators and foreign exchange shops in violation of the law, as well as a plan to invest the available foreign exchange central bank balances, use them in open market operations, and draw up a clear mechanism for hedging credits for importing commodities prime basic with transparent procedures through the adoption of programs agreed with the development partners of Yemen.

The meeting discussed the expected impact of the reflection of these measures on stopping the decline in the prices of the national currency in the coming days and on containing price inflation and its repercussions on citizens’ daily lives.

The Yemeni Prime Minister stressed that the decline in the national exchange rate has catastrophic consequences for the daily lives of citizens and said that the deterioration of the national exchange rate is “a direct battle. in where there are speculators and beneficiaries, and everyone must cooperate to win it. “

Previously, the United Nations had warned of an unprecedented collapse in the value of the Yemeni riyal, which will further aggravate the economic, living and humanitarian conditions in the country.

The Office of the Representative of the United Nations Humanitarian Coordinator in Yemen stated in a tweet on his Twitter account: “The value of the Yemeni riyal has deteriorated to an absolutely unprecedented level in the southern parts of the country.”

He stressed that “it is urgent to support the Yemeni economy to maintain the stability of the currency and prevent further deterioration of the humanitarian situation”.

Bank sources reported to that the Yemeni riyal stabilized on Thursday and for the second day in the temporary capital, Aden, at its lowest price in history, recording $ 1490 to sell one dollar, which was largely reflected in the prices of goods and services.

The Yemeni riyal is witnessing a historic crash against foreign currencies, amid government measures that have so far failed to produce significant results.

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