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Yemen pumps $150m into FX market to prop up Riyal

21 January 2010

Yemen's central bank has said that it injected $150m into the foreign exchange market, in an effort to stop the riyal from falling, Reuters has reported. However, traders said the intervention was not successful in preventing the slide to the currency's lowest levels in years. "The central bank offered $200m but the market took only $150m," a central bank official said, who declined to be named.

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