Economic collapse in Aden forces several senior merchants to leave

ADEN, May 30 (YPA) – A number of merchants and businessmen in the coalition-controlled city of Aden, revealed on Wednesday their position on leaving the city as the catastrophe of the economic collapse continues.

Traders confirmed in an expanded meeting that the continuation of the current conditions and crises in Aden may lead to the faltering of the economic movement without any significant economic measures from the coalition-backed Aden government to limit the continuous deterioration of the local currency.

They stated in a letter addressed to the Aden authorities loyal to the UAE-backed Southern Transitional Council (STC) that the continued collapse of the situation would create reluctance on the part of businessmen and the transfer of their trade to other places, in reference to Sanaa-held areas.

The meeting called on the owners of commercial centers and shops to improve the living and economic conditions before closing their doors due to the inability to continue in light of these disastrous conditions.

It pointed out that the poor services and high prices of living due to the decline of the local currency that declines against the dollar and the Saudi riyal has led to a double impact on citizens and reflecting on merchants with the continuation of arbitrary collections in addition to the frequent power outages.

The Aden government had printed approximately 6 trillion Yemeni riyals without a monetary cover over the last six years to cover its expenses and distribute it in the market, which represented an “economic setback,” according to the statements of the Director of the Bank of Aden, Ahmed Al-Maqbi, during a television interview in June 2023.

AA