ADEN, Yemen – The Central Bank of Yemen (CBY) announced on Sunday, August 18, 2024, an open auction for the sale of $50 million on Thursday, August 22, 2024.

The announcement, labeled Auction No. (11-2024) for the sale of foreign currency, was published on the CBY's official website, seen by "Barran Press".

The CBY stipulated that bids must be submitted through the Refinitiv electronic platform. Banks without access to Refinitiv can submit bids on their behalf via a formal request sent to the CBY through a designated email address during the auction period.

The auction will begin at 10:00 AM and close at 12:00 PM on the same day.

The CBY requires that bids be in multiples of $1,000 and that the total bids submitted by each participant do not exceed 30% of the total auction value. Participants are not allowed to cancel or modify their bids after submission.

According to the announcement, the CBY will cover the accounts of banks with their foreign correspondents upon request within two business days from the auction date. The auction results will be published on the CBY website on the same day.

The auction announcement comes as the US dollar exchange rate reached 1920 rials for sale and 1913 rials for purchase on Thursday, according to banking sources in Aden.

In July 2023, an International Monetary Fund (IMF) expert team recommended that Yemen maintain its weekly foreign currency auction system to curb inflation and support exchange rate stability by absorbing liquidity.