Barran Press
The Central Bank of Yemen, based in Aden, the country's temporary capital, announced on Tuesday that it will hold an auction to sell $50 million on Sunday, October 20, 2024.
According to an announcement posted on the bank's official website seen by Barran Press, participants must submit their bids via the Refinitiv electronic platform. For banks that do not have access to Refinitiv, the Central Bank will submit bids on their behalf upon receiving a formal request via email during the auction period.
The announcement stipulates that bids must be in multiples of $1,000 and that no participant may submit bids exceeding 30% of the total auction value.
This auction comes as the exchange rate for the US dollar in Tuesday's trading reached 2,002 rials for selling and 2,011 rials for buying, according to banking sources in Aden.
The announcement follows recommendations from an International Monetary Fund (IMF) expert team, which visited Yemen in July 2023, emphasizing the need to maintain the weekly foreign currency auction system to curb inflation and support exchange rate stability by absorbing liquidity.