Central Bank takes measures against manipulators at old dollar editions exchange rate

SANAA, Sept. 12 (YPA) – The Governor of the Central Bank of Yemen in Sanaa Dr. Rasheed Abu-Luhom on Thursday considered that non-accepting of the 2003-2006 dollar editions or undervaluing them as illegal practices rejected by the Central Bank.

“Practicing of such acts by exchange companies and banks is blackmail and illegal work and falls under the crime of damaging monetary policy in the country,” said Dr. Abu- Luhom during chairing a meeting of the Yemeni associations of banks and exchangers, bank managers and major exchange companies in the capital Sanaa.

When the bank or the exchange company refuses to accept the 2006 dollar currency, it causes a scarcity in the foreign money supply and earns amounts fall under illicit gain, the governor explained.

He stressed “this is contrary to the policies of the Central Bank of Yemen concerned with determining the nature of monetary policy and the acceptance of these currency editions or not, and no banks nor exchange companies have the right to do so.”

YPA