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Yemen: New increase in exchange prices
Yemen, Economics, 10/30/1998
The Yemeni Central Bank announced that it has intervened in the currency exchange market to face the sudden increase in the dollar's price in relation to the riyal.
The central bank succeeded in returning the exchange rate to 140 riyals per dollar through adding liquidity that met the needs of the market.
Meanwhile the governor of the central bank, Ahmed El-Samawi, said that the bank has the capacity to maintain financial and economic stability, considering the bank's intervention to be fruitful and positive.
During the past 18 months, the dollar's price has been stable at between 132 and 136 riyals, but during the last two weeks it increased to 150 riyals.
El-Samawi said this increase aroused a false crisis, but he issued today new decisions aimed at boosting the stability of the Yemeni riyal, avoiding any economic instability in Yemen and increasing the minimum rate of interest on the saving deposits for riyals in banks to 15%.
Previous Stories:
Jordanian - Yemeni meetings bear fruit
(10/26/1998)
51 percent of Yemeni inhabitants under poverty line
(10/23/1998)
Governmental appointments halted in Yemen
(10/12/1998)
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