Marib.. The Central Bank directs the resumption of exchange companies’ activities with new controls

The Central Bank of Yemen branch in Marib directed, on Monday, the resumption of the activity of exchange companies and establishments in the governorate, after a temporary halt that lasted for several days, as part of new regulatory measures aimed at controlling the foreign exchange market.

The bank confirmed, in a circular addressed to exchange companies, that the decision to resume activity comes within efforts to control foreign currency trading operations and limit speculation that affects the stability of the exchange rate.

He stressed the need for exchange companies to adhere to the new controls, which include setting a ceiling for buying and selling operations at a maximum of 2,000 Saudi riyals, and unifying exchange rates with the prices approved in Aden, to reduce the price gap between the governorates.

The bank also banned dealing with foreign currency speculators, vowing to take strict legal action against violators, including imposing financial penalties and closing companies proven to be involved in market manipulation.

This decision comes after the temporary closure of all exchange companies in Marib on February 12, as part of the Central Bank’s measures to limit the sharp deterioration in the value of the Yemeni riyal.