Central Bank of Yemen Floats Riyal Currency

published:15/08/2017 07:56 GMT

Yemen's central bank has floated the country's currency, instructing banks to use the market rate for the riyal instead of a fixed rate, according to a circular issued on Monday. The circular said that the decision was taken at a meeting on Saturday, ditching the 250 riyal rate to the US dollar currently in use. It told commercial and Islamic banks to "use the exchange rate prevalent in the market for the US dollar and other foreign currencies in accordance with the exchange rate lists issued...More