Barran Press
The Central Bank of Yemen in Aden, the declared temporary capital of the country (southern Yemen), announced on Thursday, July 11, 2024, the results of its 9th auction for the year 2024, selling $30 million.
In a statement published on its official website and seen by Barran Press, the Central Bank confirmed the sale of $30 million at an exchange rate of 1875 riyals per US dollar.
The bank stated that "four participants submitted bids for auction number (9/2024) to sell $30 million, with a total of five bids submitted, all of which were accepted." The statement added that the coverage rate reached 105%.
This is the ninth auction announced by the Central Bank for the sale of foreign currencies since the beginning of this year, following a three-month hiatus. It is also the 21st auction since Saudi Arabia announced its support for the Yemeni economy with $1.2 billion to support the stability of the national currency on August 1, 2023.
The announcement of the auction results comes as the US dollar traded at 1890 riyals for sale and 1877 riyals for purchase on Thursday, according to banking sources in Aden who spoke to Bran Press.
An International Monetary Fund (IMF) expert team had recommended at the end of their visit to Yemen in early July 2023, the need to "maintain the weekly foreign currency auction system to curb inflation and support exchange rate stability by absorbing liquidity."