Black market for foreign currency plunged Yemeni Riyals

By Iyad seasonal 7 hours ago 12-10-15

Roudao - Sanaa

The volatile security situation in Yemen has created a humanitarian and economic crises alike, The country, which imports 90% of its needs suffer national currency of orgasms successive, Central Bank of Yemen and issued a circular to local banks and companies not to hard currency trading, in order to maintain the local currency, but this decision According to observers burden on citizens and create a black market for foreign currency raised the foreign currency value has dropped the value of the Yemeni rial.

Vibration Yemeni currency, the manifestation of the crisis, which approached the completion of its first year. Currency disbursed settled five years ago, tumbled against the dollar, which reached fairly SR 250 instead of 215 riyals on the black market, while local banks to refrain from trading in foreign currency and in accordance with the instructions of the central Yemeni.

Thus, attempts to avoid the deterioration of the value of the Yemeni rial, in light of the scarcity of supply of the dollar, is another issue of concern to the Yemeni citizen, and the worsening living conditions of crises, after the outbreak of commodities and food prices.

Observers fear that the currency was another victim, lose the Yemeni economy, which is in a state of instability, as a result of his lack of many basic resources, where Yemen depends on 80% of its resources on oil and gas.

Economic analyst Zakir Absi said the network Roudao media, "of the most important faced the banking sector during the current period the decline of dollar coin in Yemen, and also to the circular of the Central Bank of Yemen dollar exchange Owaltaaml not do."