Money changers carry out the biggest scam against citizens
English - Tuesday 17 August 2021 الساعة 09:38 am
Aden, NewsYemen, special:
Local sources in the capital, Aden, confirmed that exchange companies and shops are carrying out a major fraud by looting citizens' money by buying what they have of foreign currencies "dollars" and "Saudi riyals", and refraining from selling them what they need in foreign exchange.
Exchange companies buy the Saudi riyal at a price of 247 riyals, committed to the gradual recovery reached by exchange companies and the leadership of the Transitional Council, "restore the value of the riyal to levels of 240 riyals from 280 riyals", the highest value reached by the Saudi riyal during the first ten days of August 2021.
One of the citizens told NewsYemen that exchange companies buy the Saudi riyal at a price of 247 riyals, and refrain from selling, stressing that through intermediaries, he was able to buy the Saudi riyal at a price of 262 riyals, which is the selling price approved by all exchange companies.
Exchange companies are still speculating about the value of the riyal, withdrawing citizens' money at a price less than the selling price of 15 riyals, at a rate of 15,000 riyals of profits for every 1,000 Saudi riyals.
The Central Bank and the leadership of the Transitional Council implemented measures of a security nature to limit the depreciation of the riyal, which reached 1,100 riyals per dollar, at its lowest historical level, to record a regressive price below 1,000 riyals.
The Central Bank of Aden has suspended the work of about 15 exchange companies and a money transfer network, on accusations of non-compliance with the laws, but again allowed most of them to resume their activity.
Citizens called on the competent authorities to compel exchange companies to sell foreign currencies, as they are bought from citizens, and to disclose the selling price.
The CBY-Aden remains unable to control banks and money exchange companies in both government and Houthi-controlled areas.
Exchange shops and companies have come to dominate the economy and control the exchange rate, in light of the weak capabilities of the Central Bank of Yemen, which confirms that the hidden economy is prevalent in the country and in light of the weakness and fragility of government financial institutions.
The World Bank had confirmed in a previous report that the Central Bank of Aden could not supervise the exchange market sector and inspect in real time on accounting systems, due to the lack of implementation of networking.
He explained that the exchange companies did not comply with the instructions of the Central Bank, which issued circulars several times, to take legal measures, including canceling the license.
