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135 million dollars, a daily fake buying and selling of currency in Aden

English - Wednesday 27 October 2021 الساعة 03:03 pm

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Aden, NewsYemen, special:

An informed banking source revealed that the movement of buying and selling foreign currencies in exchange companies and shops in the capital, Aden, reaches 500 million Saudi riyals per day, equivalent to 135 million dollars.

The source told NewsYemen that the buying and selling operations are inflated and illusory, as the process of selling one million dollars is repeated more than 20 times, in light of the fact that the Central Bank of Aden did not demand the exchange companies and transfer networks for the documents and documents of each sale and purchase on a daily basis.

He added, the exchange companies that manipulate the operations of buying and selling currency in Aden have their headquarters in Sana'a, and they are the ones who move the exchange market in Aden through money transfer networks.

He explained that money transfer networks restrict fake amounts to exchange companies, and gave an example: 5 million Saudi riyals are sold per day to one exchange company, while its real financial position does not exceed 500 thousand Saudi riyals.

Specialists in the financial sector estimated that the real domestic demand of traders for foreign exchange does not exceed 10 million dollars, 80 percent of which is for companies importing oil derivatives, at a time when buying and selling operations are taking place for an amount of 135 million dollars, which is fake and inflationary.

They advised the Central Bank of Aden to demand the exchange companies and money transfer networks with documents and documents for all their daily operations, and the picture of the reality of the fake financial centers of all companies and transfer networks will become clear to it.

Speculation in the currency and fictitious operations caused the value of the national currency, the riyal, to deteriorate to record levels, reaching 1,300 riyals to the dollar, and pushed food prices to rise, causing families to be unable to access food and services.