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3 October, 2018 00:00 00 AM
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Yemeni exchange companies shut down due to currency collapse

Xinhua

Yemeni exchange companies were shut down and began a strike on Monday in protest against the collapse of country’s national currency, reports Xinhua from Aden.

In a joint statement, commercial banks and exchange companies operating in the southern port city of Aden decided to close their doors after the sharp

devaluation of the local currency against major foreign currencies.

The exchange companies urged the country’s Finance Ministry and the Central Bank to immediately take necessary decisions and find solutions to halt currency devaluation.

The depreciation of Yemeni riyal continued in recent days. In the street markets in Aden, where the Saudi-backed government is officially based, one U.S. dollar was traded for 730 riyals, up from 215 riyals compared with the rate before the war.

With the sharp devaluation of the local currency against major foreign currencies, prices of basic commodities witnessed hikes, worsening the economic woes and leaving many citizens in destitute in the war-ravaged Arab country.

Earlier on the day, Yemen’s President Abdu-Rabbu Mansour Hadi held an emergency meeting with the country’s supreme economic committee and other high-ranking government officials including Prime Minister Ahmed Obeid bin Daghr.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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