Announcements

Central Bank of Yemen announces a mechanism provide the foreign currency required for importing fuel

As a part of the implementation of Government Decree No. 75 of 2018 and the mechanism to control and regulate the trade of oil products, in implementation of a new measure to achieve stability in the local currency and increase its value, and in coordination with the Economic Committee, the Central Bank of Yemen announces a mechanism and controls to provide the foreign currency required to cover the needs of importing fuel for all of the traders in all parts of Yemen in order to end the unregulated speculation for currency and the black market.
These procedures and controls that the traders must adhere to in order to get the foreign currency that they need to import oil products based on this mechanism are as follows:
1. Selling the oil products in Yemeni rials to the distributors and gas stations, and not allowing the distributors to take advantage of the revenue resulting from the sale of the oil products in other currencies to speculate in currencies
2. The importers of the oil products shall deposit the revenue from their oil sales in their bank on an ongoing basis
3. The importers of the oil products shall write an authorization to their bank to buy foreign currency on their behalf
4. The importers of the oil products shall set the timeframe for the coverage of the transfer of the value of the oil shipment during a period of no less than 30 days from the date of the specified transfer
Based on the mechanism to control and regulate the trade of oil products that is being implemented by the Economic Committee, no shipment will be given the permit to be imported through any Yemeni port unless they adhere to the bank mechanism announced by the Central Bank today.
It should be noted that this mechanism will only apply to the shipments that will be imported from today, the 2nd of April 2019, and it will not apply to shipments that are imported and shipped prior to this date.