Barran Press
A government meeting in Aden, the temporary capital of Yemen, addressed the repercussions of currency devaluation and the impact on citizens' livelihoods, as reported by the official Yemeni News Agency, Saba.
The meeting brought together Deputy Minister of Industry and Trade Salem Al-Wali, banking sector representatives, the head of the Exchange Association, and delegates from various banks and exchange companies.
According to the report, the attendees emphasized the need for a coordinated response from all banks, companies, and exchange shops to tackle economic challenges as a top priority.
The meeting highlighted the significant decline of the national currency, which has recently fallen due to various factors, including the ongoing halt of oil exports, rising shipping costs, and the adverse effects of Houthi attacks on living conditions.
Participants urged increased efforts to combat non-compliant banks and currency speculators, calling for strict legal penalties against such practices. They also discussed the importance of controlling and monitoring the money supply and implementing measures to reform financial operations, which will be presented to the Prime Minister.
Deputy Minister Al-Wali noted that the ministry would take all necessary legal actions against non-compliant banks and businesses that lack proper documentation.
On the same day, the Yemeni rial plummeted to its lowest value ever against foreign currencies in government-controlled areas, reaching 2,030 rials to the dollar and 531 rials to the Saudi riyal.