Arrival of shipping containers full of cash at Aden port sparks confusion in banking market
ADEN, Feb. 15 (YPA) -The Southern Money Changers Syndicate in Aden province, has issued sharp criticism of the current management of the banking sector in the city and across southern governorates, Warning of an unprecedented state of confusion in the local market.
In its statement, the syndicate revealed reports about the arrival of containers carrying newly printed banknotes through the Port of Aden, without any official clarification from the Saudi-backed government.
The syndicate stressed that the central bank’s silence regarding these reports has deepened market anxiety and opened the door to speculation that could undermine the value of the local currency.
According to the statement, the market has witnessed sharp fluctuations in foreign exchange rates against the local currency, amid what it described as a complete lack of clarity surrounding liquidity management policies.
It highlighted sharp swings in foreign exchange rates against the riyal, amid total uncertainty over liquidity management policies.
The syndicate urged taking extraordinary measures, such as strengthening regulation of major banks and enforcing rigorous oversight of large financial institutions and currency exchange firms to prevent speculative trading.
It also called for clear, publicly announced monetary policies to stabilize the market, protect financial institutions from sudden collapse, and implement a transparent system for managing and distributing the money supply in a manner that supports the national economy rather than currency speculators.
The syndicate expressed surprise that the recent relative improvement in the currency has not been reflected in the prices of essential goods, which remain largely unchanged despite the decline in exchange rates.
It held oversight bodies accountable for safeguarding citizens from the repercussions of this imbalance, stressing that currency stability should be reflected in everyday life, not just on financial screen.
@E.Y.M