CBY directives to close changers accounts
The Source: SANA'A/hadhramaut.info/sabanews.net - 18/03/2011
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The Central Bank of Yemen has directed Islamic commercial banks working in the country to close the accounts of all money changers and not to open any new accounts without a prior approval of the CBY.
The CBY directed the banks not to take cash deposits in Saudi Riyal from their clients in order to prevent the use of the Saudi currency in speculation. The CBY seeks to cope with the crisis in the exchange market and reduce demand for foreign currencies, which resulted in the devaluation of the local currency.
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