CBY reconsiders sanctions taken against money changers

SANA'A, March 19 (Saba)- The Central Bank of Yemen (CBY) decided on Saturday to reconsider sanctions taken recently
against some money changers because of their speculation in exchange rates.
The Bank decided to allow them to practice their activity again after their commitment to the announced prices and not speculate in the foreign exchange rates and to cooperate
to calm the market.
During his meeting with head and members of Yemeni Changers Association, the CBY's Governor Mohammed bin Hammam stressed that the Bank would not tolerate any violator and
would withdrew the license from him.
On Wednesday, the CBY imposed sanctions on ten money changers who have not committed to the prices in the foreign exchange market and for their involvement in exchange rate
speculation.
The Bank has ordered to close accounts of those changers and directed Islamic commercial banks working in the country not to open any new accounts without a prior approval
of the CBY.
The CBY seeks to cope with the crisis in the exchange market and reduce demand for foreign currencies, which resulted in the devaluation of the local currency.