YEMEN Press Agency

Hadi government fails to reform its economic policy

HADHRAMAUT, Sept. 23  (YPA) – The Hadhramaut Provincial Exchange Association announced on Tuesday a partial strike on all companies and exchange shops, protesting the destructive policy of the “Hadi government” against the national economy.

An official source in the association confirmed that the partial strike of exchange companies, comes as a result of the continued rise in foreign exchange rates against the Yemeni riyal.

He pointed out that the economic policy pursued by the “Hadi government” contributed to the destruction of the national economy, and its direct impact on food prices and the basic needs of citizens.

The official said the partial strike will be followed by escalatory steps to reduce the deterioration of the Yemeni rial.

Exchange shops in Shabwah province closed their commercial activities earlier Tuesday as a result of the deterioration of the Yemeni rial against foreign currencies.

The owner of one of the exchange companies explained that everyone agreed not to sell and buy currencies until a deal is agreed with The Bank of Aden, a mechanism to deal with this terrible collapse of the local currency.

The owners of exchange companies in the southern provinces accuse the failed policies of Hadi’s government of being behind the collapse of the local currency against foreign currencies.

The Yemeni rial has seen an unprecedented collapse in the southern provinces, and the Hadi government has escaped from finding solutions and remedies available to end the accelerated banking collapse in the southern provinces, which has reached 860 Yemeni riyals, according to banking sources.

The banking market is experiencing great stability in areas under the control of the Supreme Political Council at 611 riyals per dollar.

The rapid collapse of the Yemeni rial against foreign currencies in the southern provinces comes as the Hadi government printed more than 1 trillion and 700 billion Yemenis, and dumped it in the new currency without cash cover in Russia.

The Economic Committee in Sanaa warned against the deliberate destruction of the local currency by the “Hadi government”, taking a number of measures, including preventing the circulation of illegal currency in the provinces controlled by the Supreme Political Council, which maintained the Yemeni rial relative lyceum other than the southern provinces.