Printing New currency strengthens banking system division, targets Yemen food security

SANAA, May 28 (YPA) – Analysts and economic observers confirmed that the decision to prevent trading of the new currency of the category 500 and 1000 riyals was not absurd or emotive, but was based on a national vision to protect the national economy and defend the interests of the population.

In statements to the Yemen press agency, they pointed out that the National Salvation Government is taking measures in order to prevent the circulation of the new currency, and to constantly disembark banks, cashiers and commercial centers for inspection in order to ascertain the extent of the obligation not to trade them in the service of Yemeni citizens.

The experts considered that the introduction of a new currency by the exiled Hadi’s government is an illegal action which reinforces the division of Yemen’s banking system and targets its food security in general.

In this regard, the National Salvation Government has taken a number of measures to reduce the circulation of the new currency from the reality of responsibility, in order to protect the Yemeni people from the risks and threats to their food and economic security.

The government has warned citizens and financial and banking institutions against the circulation of the new currency since the coalition-backed government in Aden put it to trade and market.

The Supreme Economic Commission has already called on all citizens in Yemen not to deal with the financial categories printed by the Hadi government, as this would mean the main reason for the devaluation of the local currency and the rise in prices.

In a statement in September 2018, the Commission called on the international community to “oblige the Hadi government to stop printing currency, and to withdraw the print from the market”, and also called on the United Nations “to fulfill its obligations and to oblige Hadi to pay the salaries of employees.”

The Commission’s statement warned the government of Hadi of the economic effects that would result from the printing of a new currency as well as the “imposition of more customs duties on imports of food commodities, which will lead to higher prices and additional restrictions on the importation and entry of ships through the port of Hodeidah.”
E.M