The Central Bank of Yemen has said a decline in the local currency was not justified by economic fundamentals and ordered measures to prevent pressure on the currency of the Yemeni Rial.
The CBY was able to stabilize the exchange rate by selling about US$577 million to the market to satisfy demand and also by increasing the benchmark interest rate from 10
Growth in the US$30 billion economy will slow to 4.1 percent this year, from 8 percent in 2010, the IMF said in its October Regional Economic Outlook report.
Pan Yichao edited from Sabanews
