Yemen's central bank doubled interest rates to stop riyal depreciation

AVA- The board of the Aden-based YCB and the country's economic committee decided to increase the interest rate on deposits that was 12 in previous years to 27 percent, the state-run Saba news agency reported.
The bank also took a number of other measures to stop the sharp devaluation of Yemen's national currency against other foreign currencies.
Measures included increasing the interest rate on government bonds to 17 percent from 12 percent and banning withdrawal of more than 10,000 U.S. dollars without written approval from the government.
The Yemeni riyal plunged in recent days after nearly four years of deadly military conflict. In the street markets in the southern port city of Aden, where the Saudi-backed government is officially based, one U.S. dollar was traded for 623 riyals, up from 215 riyals before the war.