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Yemen economic crisis ; YR continues to decline despite Yemen Central Bank injections
YemenOnline.July 30- As well as the political crisis in Yemen from the war in the north , the separatists in the south and Al-Qaeda, Yemen is facing a new economic crisis represented in continuous decline of Yemeni riyal against US Dollar.
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| Yemen’s riyal fell further against the US dollar as the central bank pumped $57 million into the exchange market, the latest of a series of cash injections to support the tumbling currency which hit a record low this week. Nine injections into the market have been unable to stop the continuous fall of the riyal l this year, which has fallen almost 16 per cent from a level of 208 against the dollar mid-January. The currency fell to 242 riyals versus the dollar on Sunday, currency traders in Sanaa said, the worst exchange rate of the riyal in history. They told Reuters they expected the currency to fall further to 250 riyals in the coming week. The central bank had injected $80 million two weeks ago, but the rial had continued to fall against the dollar. The decision to pump another $57 million announced late on Friday has also not seemed to stabilize the riyall, an analyst said. |
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