Yemen: The ongoing economic war and US-Saudi blockade on Yemen continue through recent failed decisions issued by the mercenaries of the aggression in the Central Bank of Aden branch. These decisions include transferring the headquarters of commercial banks and canceling the use of the national currency from before 2016.

These decisions will have significant negative impacts on the lives of Yemeni citizens in all provinces, especially in the occupied regions. Due to the failed monetary policy of the Saudi-backed government, the people are living in a severe economic crisis stemming from overall macroeconomic instability. With its various implications and serious dimensions, this crisis pushes towards a comprehensive collapse of the national economy, particularly in the regions under the US-Saudi-Emirati occupation.

Yahya Ali Al-Saqqaf, Deputy Minister of Finance and Economic Researcher, stated: "The economic war on the Yemeni people is an American plan executed by the agents and mercenaries of the Saudi and Emirati regimes. The economic card is a failed bet by the US-Saudi-Emirati aggression, aimed at achieving what they failed to achieve politically, militarily, and media-wise over the past years, to subdue the Yemeni people and continue occupying their land and controlling their resources." He confirmed that "the economic war on Yemen is managed from the operations rooms of the Saudi regime under American and British supervision, through the Saudi-backed government."

Al-Saqqaf believes that "the Saudi regime, by instructing its mercenaries in the Central Bank in Aden to issue their failed monetary policy decisions and pressuring commercial banks and the banking sector, is committing grave crimes against the Yemeni people that will not be forgotten over time." He explained that "the enemy's bet on the economic card has significant economic dimensions, including doubling the suffering of citizens in the occupied provinces, who have been facing a blockade and economic and living crises since the start of the aggression on Yemen. This is in addition to the aggressive war on services. In other words, America and its tools aim to destroy the already devastated economy and impose a policy of starvation and blockade against Yemeni citizens in those areas that witness new crises daily under American directives, resulting in continuous and relentless suffering that will only end with the departure of the occupation."

Successful Decisions

As a result of the successful economic decisions made by the monetary authority in Sana'a, which have led to financial and monetary stability in the free areas—most recently, the decision to replace damaged currency with coins and the decision to ban dealing with 13 banks and to compensate the amounts of the currently traded legal currency in the occupied areas with their real value in the illegal currency being circulated there—Al-Saqqaf confirmed that "Sana'a's decisions have angered its enemies and dealt a significant blow to the Saudi-backed government and its bank in Aden, as well as to America itself."

The monetary authority in Sana'a has successfully thwarted the agendas and conspiracies of the aggression to destroy the national economy and its local currency over the past years. It is expected to continue finding appropriate solutions and measures to address current threats aiming to destroy Yemen's financial, monetary, and economic sector by adopting policies and implementing measures to help commercial banks and the national banking sector overcome the threats and sanctions imposed by the Central Bank in Aden, cutting off their transactions and relations abroad.

According to Al-Saqqaf, "the Central Bank in Aden is implementing the agendas of the aggressor countries, especially the US, following its failed terrorist designation due to its defeats in maritime navigation and inability to achieve its economic agendas over nine years through its failed monetary policy. Commercial banks and money exchange companies must recognize that this will harm their clients in Sana'a, who make up 80% of their clientele, and they may lose their business if they comply with these decisions. All commercial banks, money exchange companies, traders, and importers must understand that such decisions aim to loot and confiscate their clients' deposits in old currency and replace it with counterfeit, illegal currency. Measures should be taken to reject these failed decisions by issuing some circulars and letters explaining the reasons for their objection and complete rejection of these decisions, which are void and violate local and international laws and regulations. Legal coordination should begin with judicial authorities and the Ministry of Legal Affairs to file lawsuits against the Bank of Aden." He pointed out that "the legal basis for this falls under the crimes of fraud and embezzlement of public and private funds and constitutes interference in the jurisdictions and tasks of the boards of directors of commercial banks, as well as demanding the return of citizens' deposits that were looted due to the decision to move the central bank to Aden, considering them private rights of the Yemeni people and relying on many other legal points."

In the same regard, Ahmed Mohammed Hajjar, Deputy of the Planning, Statistics, and Follow-up Sector at the Ministry of Finance, said: "The economic war on Yemen preceded the military aggression. Cells and organizations loyal to the aggressor countries started destabilizing security and stability through assassinations, bombings, and attacking oil, gas, and electricity pipelines. They even encouraged the unity government to hand over wealth areas to their loyal forces, giving Marib to Islah and Hadhramaut to Al-Qaeda in preparation for military action."

As a result, the Yemeni society, after ten years of economic war, has become capable of adapting to its negative consequences with faith in Allah, patience, and mutual compassion. There is also a political and societal will to resist and confront the aggressor countries, along with the adoption of many wise and practical policies and measures to mitigate the impacts of the aggressor countries' policies. The Central Bank in Sana'a has begun implementing some policies and measures in response to what the Bank of Aden has done, and more will be implemented as circumstances and the behavior of the aggressor countries dictate. This will significantly mitigate the expected negative effects of the aggressor countries' aggressive policies in the economic domain, as previously outlined. Other domains will be addressed by the relevant authorities, especially the military.

Translated by Almasirah English website