The Central Bank of Yemen, based in the temporary capital Aden (southern Yemen), announced on Thursday, July 18, 2024, that it will hold an auction to sell $30 million USD (30,000,000 USD) on Wednesday, July 24, 2024.

The announcement, for auction number (10-2024) to sell foreign currency, was published on the Central Bank of Yemen's website, as seen by Barran Press.

The Central Bank stipulated that "bids must be submitted using the Refinitiv electronic platform. Banks that do not have access to the Refinitiv platform will be able to submit bids on their behalf upon a formal request submitted to the Central Bank via the designated email address during the aforementioned auction period."

The auction, according to the announcement, "will begin at 10:00 AM and close at 12:00 PM on the same day."

The Central Bank also stipulated that "the bid amount must be in multiples of $1,000 and that "the total bids submitted by each participant shall not exceed 30% of the total value of the auction." Participants are also "not allowed to cancel or modify bids after submission."

According to the announcement, "the Central Bank will cover the accounts of banks with their correspondents abroad at their request within two working days from the date of the auction."

The bank's announcement indicated that "the results of the auction will be published on the same day on the website of the Central Bank of Yemen."

The announcement of the auction comes as the US dollar exchange rate in Aden reached 1902 for sale and 1892 for purchase on Thursday, according to banking sources in Aden who spoke to Bran Press.

An International Monetary Fund (IMF) expert team, at the conclusion of its visit to Yemen in early July 2023, recommended "maintaining the weekly foreign currency auction system to curb inflation and support exchange rate stability by absorbing liquidity."