New Currency Doubles Economic Crisis in Occupied Governorates
Yemen: Once again, the coalition and its mercenaries have failed to achieve any breakthrough in the economic front of Sana’a since the Salvation Government prevented dealing in the illegal currency printed by the Hadi government.
This decision by Sana’a has a tangible impact on maintaining the stability of the Yemeni riyal exchange rate against foreign currencies and controlling cash performance in banks in free governorates since 2018.
In a new criminal step, Hadi government and the coalition behind it, through the so-called Bank of Aden, printed a currency of a denomination of one thousand riyals, similar to the denomination of the thousand riyals printed in 2017, which is currently circulating in the areas of the National Salvation Government.
This latest move aims, according to observers, to strike the exchange rate in the capital, Sana’a, and other free governorates under the control of the Supreme Political Council, by increasing the financial mass currently in these areas, which will cause the Yemeni riyal to collapse against foreign currencies.
The coalition’s and mercenaries’ movements were monitored by Sana’a. As soon as the first batch of the new currency, estimated at sixty billion riyals out of four hundred billion riyals, was pumped and reached the ports of Mukalla and Aden, the Central Bank of Sana’a issued a decision banning the circulation of the new currency, cutting the way for the coalition and its tools to achieve their goals.
By this decision, the exchange rate of the Yemeni riyal will not be affected in the areas controlled by the National Salvation Government and the Supreme Political Council at all, however, the occupied areas will suffer, as the financial mass and inflation will increase, so The Yemeni riyal deterioration against foreign currencies increased and the economic crisis in the occupied areas increased.
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