SANA’A, Nov.03 (Saba) – Central Bank of Yemen (CBY) pumped on Tuesday $216 million into the local exchange market to support Yemeni Rial against the foreign currencies.
The last intervention by CBY was on October 6 through injecting $132 million into the exchange market.
This intervention, the seventh during the current year, comes to face the market demands of the foreign currency, CBY said in a press release.
The bank will continue to monitor the exchange market and feed it with its needs of foreign currencies in order to create balance between supply and demand.
The bank has feed the local market with about 1.24 billion since the bringing of 2009.
It is worth to mention that the CBY has intervened twelve times during 2008 to reinforce the national currency. The Bank has feed the local market with about $1.248 billion in 2008.
The government must ask itself. Is it a carefully-considered move? I think the government should take the advice of specialized financial consultants before pumping and regretting.
Is this pumping in the best interest of our country?