Central Bank pumps $116 mln into exchange market
The Source: sana'a/hadhramaut.info/sabanews.net - 30/03/2010
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The Central Bank of Yemen (CBY) pumped on Tuesday $ 116 million into the exchange market to cover the market needs.
An official source in the CBY said that the bank has offered about $150 million, however it received requests with $116 million from the banks and the exchange companies.
This is the third interference in March and the seventh since the beginning of 2010, bringing the total amount the bank has pumped into exchange market to $847 million.The source confirmed that the bank will raise next week the interest rates for Yemeni Riyal deposits in an attempt to encounter the incessant decline of the national currency against the foreign ones.The Bank approved on Monday increasing the interest rates on Yemeni Riyal deposits from 15 percent to 20 percent as the minimum.The bank is following up the developments in the exchange market and it will keep on feeding the market with its needs of foreign currencies, the source said.
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