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Yemeni government halts financial transactions in the country

The Yemeni government has decided to stop financial transactions in the country, where the local currency has fallen sharply against the foreign currency.

Yemeni government halts financial transactions in the country

The Yemeni government has decided to halt financial transactions in the country, where the local currency has fallen sharply against the foreign exchange.

According to the news of the Yemeni government-affiliated SABA agency, under the chairmanship of Prime Minister Muin Abdulmalik, the government and Central Bank officials met in the temporary capital Aden.

At the meeting, it was decided to stop the transfers made through internal financial networks, to conduct a field study for implementation and to evaluate the situation on an ongoing basis.

The government stressed that it supports the Central Bank's measures to revoke the licenses of some foreign exchange offices that do not comply with the law regulating currency exchange and the bank's instructions.

Prime Minister Abdulmalik instructed the relevant ministries and authorities to tighten the procedures at the ports to prevent foreign currency smuggling, to take legal measures in this regard and to limit money transfers abroad.

The Central Bank of Yemen announced yesterday that it had canceled the working licenses of 54 foreign exchange offices in the temporary capital Aden.

In Yemen, where the civil war has been going on for a long time, the local currency is experiencing a record decline against foreign exchange. As of today, 1 US dollar is traded at 1380 riyals in the country.

It is stated that the record-breaking depreciation of the Yemeni rial further weakens the low purchasing power of the people, while the poverty rate has reached 80 percent.

While 1 dollar was 215 Yemeni riyals in the years when the civil war started, 1 dollar exceeded 1250 riyals as a result of the rapid depreciation on 11 October and the exchange offices in Shabwa were shuttered.

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