Barran Press
Ahmed Awad Bin Mubarak, the internationally recognized Prime Minister of Yemen, stated on Wednesday that the recent decline in the value of the national currency is unjustified. He characterized this issue as a critical battle, akin to the military efforts to restore the state and end the ongoing coup.
This declaration came during a meeting held in Aden, Yemen’s temporary capital, with the leadership of the Central Bank of Yemen. The meeting focused on interventions to stabilize the national currency and measures needed to restore normalcy, curb speculation, and hold accountable those manipulating the market, according to the official Yemeni news agency Saba.
Bin Mubarak noted that recent financial assessments indicate that the drop in currency value over the past two days is neither justified nor logical, given the volume of circulating cash. He emphasized that the situation appears to be part of a deliberate scheme that requires a united response.
During the meeting, Bin Mubarak received a comprehensive briefing from the Central Bank on the monetary situation, developments in public finance, resource management, expenditures, the size of the deficit, and financing mechanisms. He also discussed urgent measures taken to mitigate currency speculation and the subsequent relative improvements observed, as well as future steps to sustain this progress.
The Prime Minister reiterated the government's commitment to enhancing the integration of fiscal and monetary policies to achieve economic stability and alleviate the living hardships faced by citizens. He affirmed the government's support for the Central Bank's independence and operational efforts in accordance with existing laws.
Bin Mubarak stressed the need for collaborative action between the government and the Central Bank to end the disruption affecting citizens' livelihoods, stating that the public can no longer bear additional economic burdens.
The meeting resulted in the approval of several monetary and fiscal policy measures aimed at stabilizing the currency, controlling prices, and restoring balance to the macroeconomic system.
On October 15, Bin Mubarak held an emergency meeting with the Central Bank’s leadership and officials from the Ministry of Finance to discuss the recent fluctuations in currency value and the strategies implemented to address these changes. According to Saba, the discussions included coordination between fiscal and monetary policies to implement reforms, enhance transparency and governance, and improve national revenue collection while addressing existing shortcomings.
In recent days, the Yemeni currency has experienced an unprecedented and rapid collapse, with the U.S. dollar trading at 2,002 riyals for sale and 2,011 riyals for purchase in Aden, according to Barran Press banking sources.