SEMC CALLS FOR EMERGENCY MEETING TO OBVIATE YR DETERIORATION

SANA'A, Jan. 21 (Saba) - Studies and Economic Media Center (SEMC) has demanded to hold an emergency meeting to obviate the deterioration of the national currency against the dollar.

In a press release, SEMC clarified that exchange's rates of Yemen Rial against the dollar dropped into unprecedented levels.

Showing the deterioration, the exchange rates fell from 199 rial in the beginning of 2009 to 206 rial in the first days of 2010 reaching to 218 rial now.

SEMC talked about a manipulation of the foreign currency in the exchange market, emphasizing the necessity to control the market and to take the required legal action against the manipulators.

The Center said that the deterioration in the national currency will be reflected directly to the foodstuffs and services prices, and it will worsen the citizens' standard of living.

The only solution is to create economic policies to promote the economic growth by diversify the income sources for Yemen, the non-oil exports and attract foreign investments.

AF/AF