USD retreats in Yemen exchange markets

SANA'A, Aug. 21 (Saba) - The value of Yemeni
Riyal (YR) has increased against the US Dollar over the past two days, where the USD
exchange
rate fell to YR 233, compared to about YR 250 in last July, the almotamar.net
reported on Saturday.
Money exchangers said to the almotamar.net that the exchange rate of USD continued
to retreat over the past days after it settled for about 20 days at YR 240.
The YR has lost about 25 percent of its value during last June and July amid mutual
accusations between the Central Bank of Yemen (CBY) and the exchange market on who
is
standing behind the decline in the riyal value.
Government sources told the almotamar.net that fiscal polices adopted by the
government would reduce the value of the dollar against the riyal.
The CBY has intervened 9 times since the beginning of this year to supply the local
market with foreign currencies, most recently was on July 29 when it pumped USD 57
million,
bringing the total amount pumped by the bank since the start of the year to about
USD 1.15 billion.
BA