Economic collapse sparks angry protests in Taiz, Abyan

TAIZ, Oct. 16 (YPA) – Dozens of people of Taiz city went out in an angry protest demonstration denouncing the economic deterioration and the catastrophic collapse of the local currency against foreign currencies.

In the demonstration, the participants called on the coalition-backed Aden government to leave due to the failure to stop the continuous collapse of the local currency against a US dollar, which equals over two thousand riyals.

The demonstrators raised banners showing the collapse of the currency and its impact of the prices of basic food commodities in an unprecedented manner.

Many shop owners closed their shops in a general strike that brought the city to a complete commercial paralysis due to the instability of commodity prices from time to time.

On the other hand, angry citizens in the city of Lawdar city in Abyan province closed exchange shops and companies in protest against the manipulation of the local currency prices, which reached a low level against foreign currencies.

In a news statement, deputy director of the Aden-based central bank, Mohammed Omar Banajah, considered the deterioration in the price of the riyal as an inevitable result of the deteriorating economic situation in the country, which directly affects the banking and financial sector.

He added that the bank’s management in Aden would work hard to overcome these challenges by using the available monetary policy tools.

The coalition-funded government tried to calm the street by holding a meeting with the bank’s management to follow up on the interventions implemented to control the currency exchange rates and the measures required to restore the situation to normal, stop speculation and control manipulators.

AA