The Central Bank of Aden announced, today, Thursday, the results of Auction No. (11-2024) for selling foreign currency, which was announced a few days ago, and awarded the dollar auction for a bid worth 50 million dollars, at a price of 1891 riyals per dollar, an increase of 7 riyals from The price of the previous auction No. (10-2024), an increase of 34 riyals over the price of auction No. (9-2024).

The bank explained, in a statement, that the total bids in the auction amounted to 19 million and 182 thousand dollars, with a coverage rate of 38%, while the allocation rate reached 100%, and five commercial banks participated in it, submitting nine bids, all of which were accepted.

The price of the US dollar in the previous auction, No. (10-2024), held by the Central Bank in Aden, on July 24, reached 1884 riyals, while the price of the dollar in its previous auction, No. (9-2024), which was held by the bank in On the 11th of the same month, 1857 riyals, a total increase of 34 riyals in the price of one dollar in just five weeks, which indicates the continued decline of the local currency and its loss of purchasing value, amid the inability of the Central Bank in Aden to intervene to stop the decline.

This comes at a time when the local currency in Yemeni government areas is witnessing a major collapse against foreign currencies, as the exchange rate in Aden, today, Thursday, recorded 1921 riyals per dollar.

It is noteworthy that the Central Bank in Aden announced, last Sunday, raising the ceiling on the value of public auctions for the sale of foreign currency from 30 to 50 million US dollars, an increase of 20 million dollars over the ceiling of the last five auctions, amid questions about the reason that prompted the bank to raise the ceiling. The auction is in light of the decline in purchase orders in previous auctions, as the coverage percentage in Auction No. (10-2024) was only 57%.