Moves by the Central Bank to contain the economic decline and save the Yemeni currency

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Sources working in the Central Bank of Yemen revealed signs of a breakthrough to stop the accelerating economic collapse and save the local currency.

The sources confirmed that there are serious moves by the government, the local authority in Aden, and officials in the banking and commercial sector.

The sources said that intensive meetings were held this morning in the Central Bank building, between the Deputy Governor of the Bank, Shakib Hubeishi, the Governor of Aden, Mr. Ahmed Hamed Lamlas, the Minister of Civil Service, Dr. Abdel Nasser, other ministers, and officials in the Chamber of Commerce and Industry.

She pointed out that she did not see precisely the results of these moves and efforts, but confirmed that they come after everyone sensed the seriousness of the situation, and the need for all state bodies and institutions at the presidential, governmental, local and private sector levels to unite to correct and strengthen the efforts of the Central Bank, and the importance of harnessing the capabilities of the state’s governmental and local executive agencies. Providing the means and procedures to implement an effective monetary policy that enables the bank to gain absolute control over the movement of monetary and banking activity and restore balance to the value of the local currency.

Yesterday, the Central Bank revealed the imminent announcement of the establishment of the Unified Funds Network Company, which includes about 47 institutions from the owners of exchange companies in Aden and the rest of the liberated governorates, and the abolition of all remittance networks.

It is noteworthy that the dollar today exceeded the barrier of 1200 riyals in a major and unprecedented collapse.



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