Aden’s central bank takes disastrous measures that lead economy to abyss

ADEN, May 30 (YPA) – The Central Bank of Aden, which is under the control of the Saudi-led coalition, has taken disastrous measures to end trading in the “secured” national currency in Aden and the rest of the southern provinces, which is likely to lead the national economy into an abyss.

In a statement, the Bank of Aden called on all companies and financial and banking institutions in Aden and the rest of the southern provinces to deposit various categories of banknotes from the old official issue before 2016 within a 60-day service, according to a destructive policy adopted by the coalition countries against the national economy.

The statement obligated citizens, shops, and non-financial institutions to deposit official currency with commercial and Islamic banks in order to exchange it for illegal currency, as well as obliging banks and financial and banking institutions that have accounts at the Bank of Aden to deposit their sums in the bank’s branches in the southern provinces.

Economic observers believe that the Bank of Aden’s tendencies to withdraw the official currency from citizens and impose illegal printed currency without a monetary cover will lead the economic situation to the abyss and further collapse due to the failure to take economic measures and reforms, which have led to the deterioration of the currency in Aden and the rest of the provinces controlled by the coalition.

It is noteworthy that the pro-coalition government has printed approximately six trillion riyals without monetary cover since the transfer of the central bank’s management from Sanaa to Aden, the period between 2016 and 2021, which represented an economic disaster, according to televised statements by the director of the Bank of Aden, Ahmed Al-Mabaqi, in June 2013.

YPA