Barran Press
A massive demonstration took place in Marib on Saturday, rallying in support of the recent economic decisions made by the Central Bank of Yemen and rejecting international pressure to delay their implementation.
The demonstration, which marched through several streets of the city, displayed banners expressing Marib residents' support for the Central Bank's decisions, which they see as part of the economic battle against the Houthis, blamed for the country's worst economic crisis.
Protesters affirmed their solidarity with the bank and its administration, calling their recent move the strongest and most effective economic decision, one that will deprive the internationally recognized terrorist group, the Houthis, of their most powerful tool.
The banners also denounced any retreat from these decisions, holding the Presidential Leadership Council responsible for any backtracking on what they described as "sovereign decisions."
A statement released by the pro-bank demonstration declared that "the national currency belongs to the people," urging the government to protect it from the Houthis' attempts to counterfeit it. The statement condemned any postponement of the decisions, labeling it a "grave mistake" that would benefit the Houthis and further divide the country into two economically complex entities, ultimately harming citizens.
The statement further asserted that "any retreat from the decisions would be a betrayal of the blood of the Yemeni people, who have sacrificed much in the face of the Houthis' reckless manipulation of the Yemeni people's resources and constants."
On Friday, July 12, the Yemeni Presidential Leadership Council held an emergency meeting to discuss a UN request for the council's support in launching a UN-sponsored dialogue to address recent economic developments and find solutions that serve Yemenis.
The council, chaired by Rashad al-Alimi and attended by all members except Faraj al-Bahsani, responded to the request from UN Special Envoy Hans Grundberg by reaffirming its commitment to a clear agenda for participation in any dialogue on the economic issue, according to the official Yemeni news agency Saba.
The council, in response, stipulated that any dialogue must include the resumption of oil exports, unification of the national currency, cancellation of all arbitrary measures against the banking sector, and the business community.
Previously, the UN envoy, Hans Grundberg, had urged the Presidential Leadership Council to postpone the recent decisions of the Central Bank of Yemen regarding the suspension of licenses for banks that failed to relocate their headquarters to Aden, declared the temporary capital of Yemen.
In a letter dated July 10, 2024, Grundberg expressed concern over the Central Bank's decision, numbered 30 for the year 2024, which "suspends the licenses of six banks and the subsequent communication with correspondent banks and the SWIFT system," explaining that this would "lead to the cessation of those banks' access to correspondent banks and the SWIFT system."
The UN envoy acknowledged and expressed understanding for the "economic grievances endured by the Yemeni government for a long time, most notably the halt of crude oil exports," but added, "However, these recent decisions regarding banks will harm the Yemeni economy and will harm ordinary Yemenis across the country, and could lead to the risk of escalation that could extend to the military sphere."
To avoid what he called "pressure in addition to the risk of the decision on the Yemeni economy," the UN envoy urged the Yemeni government and the Central Bank of Yemen to "postpone the implementation of the decisions until at least the end of August."
The UN envoy also called for all banks to postpone any action that could negatively impact these six banks, urging the "commencement of a dialogue under the auspices of the United Nations between the Yemeni parties to discuss the recent economic developments in Yemen."
In a series of decisions by Governor Ahmed al-Mubaqi, the Central Bank last week revoked the licenses of 26 exchange companies since the end of last month, ordering the closure of their branches indefinitely for violating bank decisions and instructions.
These decisions followed two previous decisions, one imposing a unified network for domestic transfers and another prohibiting dealings with 12 unlicensed electronic payment entities, and permanently halting operations in local money transfer networks owned by banks, financial institutions, or exchange companies operating in Yemen.
On May 30, the Central Bank of Yemen in Aden declared the temporary capital of the country, and issued a decision to stop dealing with six Yemeni banks and financial institutions after the expiration of a 60-day deadline to implement its decision to relocate their main centers to Aden.
It also issued another decision calling on all individuals, commercial establishments, companies, other entities, and financial and banking institutions holding pre-2016 banknotes of all denominations to deposit them within a maximum period of 60 days from the date of the announcement.