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The International Monetary Fund allocates $ 555 million to support the Yemeni currency

English - Monday 02 August 2021 الساعة 06:41 pm

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Aden, NewsYemen:

 The International Monetary Fund allocated $555 million from its Special Drawing Units to boost Yemen's hard currency reserves and support the value of the collapsing national currency.

The national currency witnessed, in the recent period, an unprecedented collapse, against foreign currencies in the exchange market, and the Yemeni riyal crossed the barrier of 1000 riyals per dollar.

Shakib Hubeishi, Deputy Governor of the Central Bank in the capital, Aden, said in a statement, "There is a distribution of Special Drawing Units from the International Monetary Fund, from which Yemen will receive a share equivalent to 555 million dollars."

According to the statement, the Central Bank is expected to allocate the amount to Yemen and benefit from it at the end of this month.

Earlier, the International Monetary Fund approved financial allocations to Yemen of $600 million to help confront the challenges associated with the repercussions of the pandemic, including the humanitarian, social and economic effects of price fluctuations, which the Yemeni government requested to give a high priority.