ID :
170764
Fri, 03/25/2011 - 11:12
Auther :
Shortlink :
https://oananews.org//node/170764
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CBY orders measures to stabilize currency
SANA'A, March 25 (Saba)- The Central Bank of Yemen has said a decline in the local currency was not justified by economic fundamentals
and ordered measures to prevent pressure on the currency of the Yemeni Rial.
The CBY governor Mohammad bin Humam warned of penalties against speculators. It will continue to support banks in meeting customer needs, bin Humam said.
Growth in the US$30 billion economy will slow to 4.1 percent this year, from 8 percent in 2010, the IMF said in its October Regional Economic Outlook report.
The CBY was able to stabilize the exchange rate by selling about US$577 million to the market to satisfy demand and also by increasing the benchmark interest rate from 10
percent to 15 and 20 percent.
and ordered measures to prevent pressure on the currency of the Yemeni Rial.
The CBY governor Mohammad bin Humam warned of penalties against speculators. It will continue to support banks in meeting customer needs, bin Humam said.
Growth in the US$30 billion economy will slow to 4.1 percent this year, from 8 percent in 2010, the IMF said in its October Regional Economic Outlook report.
The CBY was able to stabilize the exchange rate by selling about US$577 million to the market to satisfy demand and also by increasing the benchmark interest rate from 10
percent to 15 and 20 percent.
