Barran Press
The Taiz Military Axis, affiliated with the Yemeni army, issued strict directives on Thursday, June 20, 2024, to implement recent decisions and instructions from the Central Bank of Yemen regarding currency circulation. These directives regulate the entry and exit of currency between areas controlled by the internationally recognized Yemeni government and those controlled by the Houthi group, designated as a terrorist organization.
In a circular obtained by Barran Press, the Axis instructed military unit commanders and security agency directors to prohibit the entry of old currency denominations into liberated areas while allowing their exit to Houthi-controlled areas.
The circular also included a ban on the export of foreign currencies, including US dollars, Saudi Riyals, and Euros, to Houthi-controlled areas. It mandated the apprehension of individuals engaging in exchanging old currency denominations in government-controlled areas at rates other than 1,000 riyals for 1,000 riyals.
The Taiz Military Axis authorized the entry and exit of new currency denominations between areas controlled by the recognized government, with a limit of 200,000 riyals for incoming and outgoing transactions.
These directives come days after the opening of the "Camp-Qasr Roundabout" road, facilitating travel to the city of Taiz after a nine-year siege during which the Houthi group refused any discussions regarding roads to and from the city.
Security and military authorities in Taiz fear that the Houthis might exploit the road for currency smuggling and to mitigate the impact of the Central Bank of Yemen's decisions in Aden, which granted a 60-day grace period for depositing national currency denominations printed before 2016 into any of its branches in the governorates.
On May 30, the Central Bank of Yemen urged individuals, businesses, companies, other entities, and financial and banking institutions holding pre-2016 banknotes of various denominations to deposit them within a maximum period of 60 days from the date of the announcement.
In a statement published on its official website and accessed by Bran Press, the Central Bank emphasized that citizens, non-financial institutions, businesses, and other entities without accounts at the Central Bank should deposit their holdings of the specified denominations into commercial and Islamic banks and their branches located in liberated governorates.