Pro-coalition PM blames UAE-backed faction for currency collapse in southern Yemen

ADEN, Oct. 16 (YPA)- In an attempt to quell public anger over the local currency collapse in areas controlled by the Saudi-led coalition in southern and eastern Yemen, pro-coalition Prime Minister Ahmed Awad bin Mubarak made unprecedented statements regarding the reasons for the currency’s decline.

During a meeting with the leadership of the Central Bank of Aden on Wednesday, Bin Mubarak stated that “The confirmed financial and monetary estimates indicate that the decline in exchange rates, particularly over the past two days, is unjustified and illogical and does not align with the size of the circulating money supply.

“This confirms that what has occurred is not random and indicates a deliberate scheme that we are called upon to unite against,” he added.

Observers note that Bin Mubarak’s statements reflect the intensity of disagreements among the coalition forces in southern Yemen, as he appears to represent a Saudi-backed faction seeking to hold the UAE-backed wing accountable for the ongoing decline of the local currency.

This statement, which is the first of its kind with veiled accusations against the UAE-backed Southern Transitional Council (STC), comes in an attempt to quell public anger in Aden and other governorates under coalition control due to the catastrophic collapse of the local currency in those areas.

According to the sources, the price of one US dollar exceeded 2,000 riyals in Aden and other coalition-controlled governorates over the past two days. Last week, the Exchange Bureau Union in Aden announced early last week that the economic situation had gone out of control

@E.Y.M