Bank of Aden exacerbates economic crisis with catastrophic steps

ADEN, Oct. 22 (YPA) – Banking sources revealed on Friday the Central Bank of Aden’s intention to pump a large amount of illegal currency into the southern provinces.

The sources confirmed that the bank’s management approved during the past two days the dumping of nearly 400 billion riyals in the southern provinces of the unofficial currency printed in Russia.

The sources attributed the pumping of those funds to address what they called “price distortions between Sanaa and Aden,” indicating that “the matter will be a replacement for the currency of a small size with a currency of a large size.”

The Bank of Aden is facing a cash shortage as a result of the lack of financial cycle, according to the sources.

YPA