Aden News – Aden Central: Oil derivatives will not enter the ports without these conditions

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This morning, Monday, October 19, 2020, the Central Bank carried out banking operations for importers of oil derivatives, according to the mechanism adopted by the Central Bank, and at a preferential exchange rate.The Central Bank affirmed that it will continue to cover the import needs of oil derivatives, through banking and transfer operations according to the regulatory mechanism approved for this, as oil derivatives are one of the most important basic needs, whose import coverage represents a large level of foreign exchange demand.

The Central Bank also warns that oil derivatives will not be allowed to enter local ports unless the exchange takes place through the Central Bank and transfer to commercial banks in an up-to-date and adherence to the rest of the controls and procedures specified for that.

The intervention of the Central Bank through this mechanism aims at regulating the supply and demand for foreign currencies in the turbulent exchange market, reducing the randomness of demand and speculation in currency rates, and directing available foreign exchange resources to cover the priority needs of the country, through organized and appropriate mechanisms, in a manner that guarantees general stability For prices.





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