Working with foreign currency in domestic transactions is prohibited in Yemen

According to the statement, the decision was taken as part of the government's efforts to curb speculation on exchange rates and stop the local currency from depreciating against foreign currencies.

Emphasizing that the decision was taken to use the national currency in all transactions in the purchase and sale of goods, services, contracts and shopping agreements within the country, it was noted that the use of foreign currency was prohibited locally, but limited to transactions and obligations arising from international agreements.

The Yemeni government decided to stop financial transactions in the country on October 17, in order to prevent the sharp fall in the local currency.

LICENSE OF 54 EXCHANGE OFFICES WAS CANCELED

The day before, the Central Bank of Yemen announced that it had canceled the working licenses of 54 foreign exchange offices in the capital, Aden.

In Yemen, where the civil war has been going on for a long time, the local currency is experiencing a record decline against the foreign exchange. As of today, the US dollar is trading at 1380 riyals in the country.