Finance minister heads meeting to discuss solutions for high exchange rates

SANAA, Aug. 2 (YPA) – A meeting headed by Deputy Prime Minister, Finance minister Hussein Makboly, attended by Industry and trade minister Abdulwahab al-Durah was held on Thursday in capital Sanaa to discuss topics concerning high exchange rates and its resultants on food supply high prices.

The meeting, attended by wheat importers, Yemeni exchange dealers association, Yemeni banks association, chamber of commerce and industry and members belonging to payment committee dealt with the causes of the high exchange rates and level of respecting selling food supply according to official fixed prices.

“This meeting was held to execute orders of President of the Supreme Political Council targeting to reach to an agreement obliging the traders to deposite cash to banks, where exchange price will be fixed by industry ministry,” the minister said.

The meeting approved the formation of a technical committee to control the prices and procedures for pricing foodstuffs, especially wheat according to the exchange rate variable and raw material prices and other costing criteria.

The meeting also approved that payment committee is charged to coordinate between exhange dealers and sources of hard currency to reach the minimum exchange rate possible from foreign exchange and then the Ministry of Industry will determine the prices of the sale of food in the market in order to ensure the alleviation of burdens on the citizen.

Ahmed Al-Mutawakel