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Central Bank of Yemen raises interest rates on certificates of deposit to 27%
The Central Bank of Yemen raised the interest rate on certificates of deposit to 27 percent, Saba news agency reported Wednesday, as the government seeks to stabilize the riyal.
The state-run agency did not mention the previous interest rate, but said the central bank also raised the interest rate on government bonds to 17 percent.
The riyal has shrunk by half against the US dollar since the outbreak of the war in 2015 between the government of President Abd Rabbo Mansour Hadi in the internationally recognized south, backed by Saudi Arabia, and the Houthi group allied to Iran, which controls the north.
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