Barran Press
On November 3, 2024, security officials in Mukalla, the capital of Hadhramaut province, reported the closure of several illegal exchange shops as part of a coordinated effort by the Public Funds Prosecutor’s Office and security forces. This action follows directives from the Attorney General and aims to enforce compliance with Central Bank regulations against non-compliant financial institutions.
According to a statement released by Hadhramaut’s security forces, an operation was conducted in collaboration with the Public Funds Prosecutor to shut down these unlicensed money exchange shops, which have reportedly contributed to the depreciation of the Yemeni rial against foreign currencies.
The statement warned that the security campaign would continue in the coming days, targeting all unlicensed exchange shops. Hadhramaut security vowed to take stringent action against anyone opposing the legal measures implemented by the prosecutor’s office and the Central Bank to curtail the spread of unauthorized currency exchanges that undermine the national economy.
This crackdown follows similar measures taken in Aden, Yemen’s temporary capital, where authorities closed dozens of exchange shops on November 1 in an effort to stabilize the national currency, which has been experiencing a continuous decline.
The Security Media Center of the Security Belt Forces reported that over 26 exchange shops were shut down in various districts, including Al-Mansoura, Sheikh Othman, Al-Mualla, Khormaksar, and Crater. This initiative underscores the importance of adhering to the laws regulating currency exchange and combating money laundering and terrorism financing.
Yemeni Prime Minister Ahmed Awad bin Mubarak emphasized the necessity of intensifying campaigns against illegal exchange shops and currency speculators across all liberated provinces to safeguard the national currency, which has been devaluing significantly. As of today, the rial has fallen to a record low against foreign currencies, with the dollar reaching 2060 rials, compared to 1676 rials in late April.