Barran Press
The Central Bank of Yemen (CBY), based in the temporary capital of Aden, announced a public auction for the sale of USD 30 million on Monday, October 28th, 2024. This was revealed in Auction Announcement No. (13-2024), published on the CBY's official website.
The auction, conducted via the Refinitiv electronic platform, requires bids in multiples of $1,000. Individual bids cannot exceed 30% of the total auction value, and bids are non-refundable or modifiable after submission. Banks lacking Refinitiv access can submit bids through the CBY via email. The auction will run from 10:00 AM to 12:00 PM on October 28th. Results will be published on the CBY website on the same day, and bank accounts will be covered within two business days.
This announcement comes as the USD exchange rate reached 2008 Yemeni rials (sell) and 1997 rials (buy) on October 22nd, according to Aden banking sources to Barran Press. The auction aligns with recommendations from an IMF team that visited Yemen in July 2023, urging the continuation of weekly foreign currency auctions to curb inflation and stabilize the exchange rate.