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Yemen replaces central bank governor, deputy governor amid currency collapse

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Yemeni President Abd-Rabbu Mansour Hadi reconstituted the country’s central bank board on Monday, replacing the governor and the deputy governor amid an unprecedented collapse in the local currency.

Ahmed bin Ahmed Ghaleb Al-Maabqi was appointed governor, and Muhammad Omar Banaja his deputy, a presidential decree published by state news agency SABA said.

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War-torn Yemen is witnessing a sharp deterioration in the value of its riyal local currency which recorded 1700 to the dollar, an all-time low, on the black market on Monday, according to traders and exchange offices. The central bank maintains an official rate of 530 riyal to the dollar.

Read more: UN monitors backtrack on Yemen money-laundering accusations: document

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