Sanctions imposed on 10 companies for manipulation of exchange rates

SANA'A, March 16 (Saba)- The Central Bank of Yemen (CBY) imposed Wednesday significant sanctions on ten
exchange companies that have not committed to the prices in the foreign exchange market.
Governor of the CBY Mohamed bin-Hammam told Saba that the sanctions included closure of these companies' accounts, and the sanctions would continue until they abide by the
Bank's instructions.
These sanctions are also due to the lack of commitment of those companies with regard to the exchange rate speculation, bin-Hammam added.
The CBY's Governor discussed with general-directors of commercial and Islamic banks the developments in the foreign exchange market, stressing the need for the banks' role
in financial intermediation and operations of the foreign exchange market.
He emphasized the need to meet demands of the foreign exchange ,especially for travelers and students, and cover the obligations of import, confirming that the CBY would
help the banks to meet such demands.
According to the Bank, the prevalent exchange rate of the U.S. dollar in the market now is YR 213.75 for buying and YR 213.85 for sale.