Yemen on alert as currency hits new record lows

Yemen on alert as currency hits new record lows

The bank was tasked to form two committees: One would review revenue collection, ensuring they are deposited to central bank branches across the liberated provinces; the other would work on boosting oil exports. The government accused local currency dealers of engaging in speculative activities on hard currencies that contributed to the sudden rapid fall of the riyal. "The SEC confirms that recent currency depreciation is not based on objective reasons but speculative considerations and misinformation," the council said in a statement carried by the official news agency. Meanwhile, the central bank's inspectors, escorted by armed soldiers, were seen roaming around the city of Aden, closing firms that did not comply with the country's monetary rules. The market did not positively react to the government's measures and threats. The riyal hit 1,003 to the dollar on Wednesday afternoon in the southern port city of Al-Mukalla, after bouncing back to 985 on Monday. The riyal had reached a new record low on Sunday night, hitting 1,000 riyals to the dollar. It was trading at 215 to the dollar in early 2015. The riyal briefly recovered in January after a new government "” formed under the Riyadh Agreement "” returned to Aden as