The internationally recognized Yemeni government convened an emergency meeting on Tuesday with the leadership of the Central Bank and the Ministry of Finance to address the recent developments surrounding the national currency's exchange rates. The meeting aimed to discuss urgent measures in light of the ongoing economic turmoil.

According to the official Yemeni news agency Saba, the discussions focused on enhancing coordination between fiscal and monetary policy to implement reforms, promote transparency, and improve governance. The goal is to stabilize the national currency's exchange rate and boost public revenues while addressing existing deficiencies.

Participants examined economic indicators and the recent changes affecting the national currency, notably the continued halt of oil exports due to Houthi terrorist attacks, ongoing assaults on commercial shipping, and the broader regional and international escalation linked to Israeli military actions and their potential impacts on various sectors.

Deputy Prime Minister Ahmed Ben Mubarak received an update from the Central Bank Governor on immediate actions taken to manage the currency market, including the announcement of a public auction to sell $50 million.

Ben Mubarak highlighted the increasing pressures on the national currency, exacerbated by the suspension of key national resources, dwindling aid, and declining state revenues. He stressed the necessity for coordinated efforts among the Presidential Leadership Council and the government to support the Central Bank in fulfilling its responsibilities.

The government is acutely aware of the catastrophic implications of the currency's decline on citizens' daily lives and is committed to reversing this trend. Ben Mubarak emphasized the importance of collaborative action across state institutions to achieve economic and living stability.

The meeting also underscored the need for full coordination between financial and monetary policies to foster substantial economic stability, positively influencing the national currency's exchange rate and maintaining general price stability.

The Minister of Finance provided insights into the financial situation and tools available to support monetary policy, including expenditure rationalization and revenue enhancement, which are essential for controlling inflation and its effects on basic goods and services prices.

The meeting concluded with the approval of several urgent measures to combat current currency speculation and established mechanisms for their immediate implementation.

In recent days, Yemen's national currency has experienced an unprecedented and rapid collapse, with the exchange rate reaching 2,002 rials per dollar for selling and 2,011 rials for buying, according to Barran Press banking sources in Aden, Yemen's temporary capital.