Barran Press
Rashad Al-Alimi, the President of Yemen's Presidential Leadership Council, reiterated his full support for the Central Bank of Yemen's independence in managing monetary policy during a crisis management meeting held in Aden on Thursday.
The meeting, chaired by Prime Minister Ahmed Bin Mubarak, included several ministers and senior officials, according to the official Yemeni news agency Saba. Al-Alimi emphasized the necessity for relevant authorities to take full responsibility for implementing banking policies, deterring currency speculation, and strictly monitoring the prices of essential goods and services.
During the session, Prime Minister Bin Mubarak provided a brief overview of the current economic situation, outlining the necessary measures to control inflation, address the public budget deficit, and manage fluctuations in currency markets and prices of basic goods and services.
The briefing included insights into economic and financial indicators, recent changes in the national currency's status amid ongoing disruptions to oil exports, rising shipping costs, and the dire consequences of these issues on living conditions, exacerbated by terrorist attacks from the Iranian-backed Houthi militia.
The meeting discussed existing and potential economic and humanitarian scenarios, along with the policies and measures needed to eliminate monetary distortions, stabilize the economy, and improve access to public resources. Al-Alimi urged the prompt implementation of an economic rescue plan and actions aimed at enhancing public financial management and monetary policy efficiency, while also mitigating the impacts of the monetary division imposed by the internationally designated terrorist Houthi group as a form of economic warfare.
On October 15, 2024, the Central Bank of Yemen called on the government to reassess its financial and economic policies, particularly regarding the mobilization and collection of public resources and the reallocation of spending according to priorities. The bank's board of directors, led by Governor Ahmed Al-Maabqi, urged the Presidential Leadership Council and the government to support its efforts to operate independently and professionally under challenging conditions.