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The Central Bank of Aden announces the results of the first auction and social media users express their concern

English - Thursday 11 November 2021 الساعة 03:44 pm

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Aden, NewsYemen, Exclusive:

On Wednesday, November 10, 2021, the Central Bank of Yemen announced the results of the foreign currency sale auction announced yesterday.

The bank pointed out that the foreign currency auctions will continue on a weekly basis.

Economist Majed Al-Daari said: "The first announcement of an auction of foreign currency sale via a digital platform announced by the Central Bank of Yemen in Aden, amid omens and concern about the possibility of implementing such a step in light of a catastrophic continuing collapse in the exchange rate of the local currency."

He added, "The problem is that the demand for the offer is almost zero, because the bank administrations are not ready for the offer and the majority is under the control of the Houthis."

 For his part, Ahmed Saeed Karama described the auction as catastrophic, and said: One dollar sold at 1,441 Yemeni riyals. Congratulations. 

The bank entered the arena of conflict with exchange companies, and where are the auction proceeds, are the buyers from inside or from abroad, and who are they, the payment is cash or checks.

Abdulfatah Ali, accused the central bank of being the main reason for the deterioration of the riyal, and that it was manipulating the exchange rate.  Demanding a change in the management of the Central Bank.

Tweeter users mentioned that the Central Bank of Iraq was the first Arab bank to use the auction method to sell the dollar, so that the conclusion reached by the Iraqis was that this method drained the Central Iraqi dollar reserves and contributed to the collapse of the dinar and the smuggling of most dollars abroad through companies and fake import requests in addition to money laundering operations.

It is reported that the Central Bank of Iraq is selling the dollar in a “hard currency auction” with the justification of supporting merchants to import goods, while the beneficiary is the banks and commercial companies affiliated with parties and militias and some neighboring countries.  

Despite the government's attempt to stop the currency auction, party pressures forced the Central Bank to back off and reopen the auction.