Council of Ministers discus YR exchange rate devaluation

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Council of Ministers discus YR exchange rate devaluation

[08/08/2018 03:15]

ADEN-SABA
The Council of Ministers devoted its weekly session on Wednesday to discuss the national currency devaluation against foreign currencies.

Necessary measures need to be taken in coordination with Yemeni Central Bank (YCB) to stop the deterioration of the Yemeni Rial (YR) value were also elaborately discussed.

The Cabinet's meeting—chaired by Deputy Prime Minister, Minister of Interior Eng. Ahmed Almayssari—underscored the importance adopting austerity measures by the Finance Ministry and putting an end of the speculation businesses that caused serious damage to the national currency.

The Cabinet has reassured that the government is undertaking full responsibility toward the citizens and maintaining economic situations and ensuring availability of basic commodities.

The Council of Ministers highly praised the monthly $60 million fuels donation by the Kingdom of Saudi Arabia's support for electricity sector.
The Cabinet directed the Ministry of Oil and Minerals and Oil Company to supply the domestic market with the needed quantities of oil fuels at reasonable prices.

The Cabinet discussed an internal bylaw about regulating oil liquid gas transport, marketing and purchasing in the local market. The draft bill put forward by the Ministry of Oil in order to be ratified.
The Council of Minister has approved a decision by the Committee of Tenders in the Ministry of Electricity about establishing 30MGW Power Station for Abyan province.

An emergency founding budget for Sayoon University was approved totaling 900 million (YR).