Yemen Monitor/ Newsroom
The Central Bank of Yemen, headquartered in Aden, announced on Saturday the opening of an auction to sell $50 million on the upcoming Thursday, August 22, 2024.
The bank stipulated in the announcement that bids must be submitted using the Refinitiv electronic platform. For banks that do not have access to the platform, the Central Bank will submit bids on their behalf based on a formal request submitted to the Central Bank via the designated email during the specified auction period.
The announcement indicated that the auction will start at 10 AM and close at 12 PM on the same day, noting that the bid amount must be in multiples of one thousand and that the total bids submitted by each participant should not exceed 30% of the total auction value.
The announcement confirmed that participants are not allowed to cancel or change their bids after submission, and the Central Bank will cover the accounts of banks with their correspondents abroad as per their request within two working days from the auction date.
According to banking sources, the Yemeni rial has significantly depreciated to 1920 rials per dollar in Sunday’s transactions, marking the lowest level for the local currency in years.
The rial had seen relative stability between 1100 and 1200 rials per dollar over the past two years, while it averaged 1600 rials/dollar since mid-January before approaching the 2000 rial barrier in recent months of the current year.
