Economic source: Al-Alimi directs Central Bank in Aden to take step that will lead to complete collapse of riyal

ADEN, May 30 (YPA) – An economic source revealed on Wednesday that the President of the Presidential Leadership Council, loyal to the Saudi-led coalition, Rashad Al-Alimi, had taken a decision to bring in quantities of printed currency that had been stored for years in the port of Jeddah in the Kingdom of Saudi Arabia.

This comes despite the opposition of the Central Bank in Aden to the move because of the risk it represents that could lead the local currency to a complete collapse.

The economic source, who requested to remain anonymous, said: “In the face of the major financial crisis facing the Yemeni government, which may make it unable to fulfill its most important obligations.”

He added that this comes at a time when the government’s attempts have so far failed to obtain financing from several international bodies. the Leadership Council forced the Central Bank in Aden to bring in hundreds of billions of printed currency that have been in containers in the port of Jeddah for years.

The source pointed out that “the bank’s attempts to convince Al-Alimi not to bring in this money and to search for other sources of financing, failed.”

The source warned of the consequences of this step on the national economy, as it would lead to a complete collapse of the local currency, whose value currently exceeds 1,700 riyals per dollar.

YPA