Yemen launches an online auction to sell 15 million dollars

The Central Bank of Yemen in Aden announced today, Tuesday, the opening of an electronic auction to sell 15 million US dollars to commercial and Islamic banks operating in Yemen to cover the local market’s needs of hard currency.

The Central Bank said that it will start implementing a new system, called the auction system for buying and selling foreign currencies, tomorrow, Wednesday, as a step to save the collapsed local currency.

The bank stipulated that bids be submitted through an electronic platform from banks only, without other exchange and money transfer companies.

He said in a statement that the auction process will take place for commercial and Islamic banks operating in Yemen through the Refinitiv platform, which will handle the auction process and organize the sale and purchase of foreign exchange, for the banks participating in the platform. As for the non-participating banks, the Central Bank will submit bids on its behalf with an official request submitted to the bank via the e-mail designated for this.
The statement said that this measure comes within the bank’s efforts to achieve general stability in prices and foreign exchange.

The Central Bank said earlier that the step of offering a public auction aims to confront the disruptions in the work mechanisms in the money market and relieve pressure on buying hard currencies from the market, which is causing the accelerated deterioration of the local currency.

The Central Bank of Yemen announced in early August that the International Monetary Fund had allocated a share of its drawing rights to Yemen, equivalent to $660 million, to boost the country’s hard currency reserves and support the value of the collapsed national currency.

Meanwhile, money changers and dealers in Aden said that the price of the Yemeni currency recorded a slight increase in the exchange market this evening, Tuesday, to 1460 riyals to the dollar for purchase and 1490 riyals for sale, after it had reached the lowest level ever when it crossed the barrier of 1530 riyals at the beginning of the week.

The internationally recognized Yemeni government and the Central Bank were unable over the past period to curb the economic collapse and the devaluation of the local currency, despite their launching a package of measures and treatments that observers said came too late.

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