Suspension of Violating Exchange Companies in Yemen to Curb Speculation

Central Bank of Yemen in Aden announced that it had recently suspended 80 violating companies and exchange facilities in the governorates of Aden and Ma’rib, as part of its efforts to curb currency speculation to stop the continuous collapse of the Yemeni riyal. The Central Bank stressed that the suspension came after a comprehensive inspection and review of all their accounts and activities, which revealed their abuses, and urged them to quickly correct their conditions by adhering to and implementing laws, while some citizens complain that they have not seen any improvement after the final decision of the Central Bank. “The suspension of more than eighty exchange companies is a step that comes in the right way to restore stability to the banking market.” Majid Al- Daeri – Economist says, noting that the plan is there but lacks the actual and real implementation and the creation of an Interbank network that can monitor all exchange companies money transactions, and who control it, in addition to knowing the proportion of imports and exports of funds, so that the network can find solutions and reasonable monetary policies that can maintain Yemeni riyal exchange rate stability and reasonability.