The Central Bank of Yemen in Aden, the country's temporary capital, announced the results of its 10th auction of 2024 on Wednesday, July 24. The auction saw the sale of $16.9 million out of a total of $30 million offered, at an exchange rate of 1884 Yemeni rials per US dollar.

The bank's official statement, seen by "Barran Press", reported that four participants submitted a total of eight bids, all of which were accepted, resulting in a 57% coverage rate.

This marks the 10th auction conducted by the Central Bank since the beginning of the year, following a three-month hiatus. It's also the 22nd auction since Saudi Arabia pledged $1.2 billion in support of the Yemeni economy in August 2023 to stabilize the national currency.

The announcement comes as the US dollar traded at 1910 rials for selling and 1890 rials for buying on Thursday, according to banking sources in Aden.

Earlier in July, an International Monetary Fund (IMF) team visiting Yemen recommended the continuation of the weekly foreign currency auction system to curb inflation and support exchange rate stability by absorbing liquidity.

The auction results signal the Central Bank's continued efforts to manage currency fluctuations and maintain economic stability in Yemen. The IMF's recommendation for a consistent auction system further emphasizes the importance of this approach in addressing the country's economic challenges.