Barran Press
Yemen's Presidential Leadership Council head, Rashad Al-Alimi, on Monday, July 7, urged the Central Bank of Yemen to aggressively use its tools to combat soaring inflation and prop up the rapidly depreciating national currency. The Yemeni Riyal hit new lows, trading at 2,769 to the U.S. dollar and 727 to the Saudi Riyal.
The directive came during a high-level economic meeting in Aden, attended by Prime Minister Salem Saleh Bin Brik and Central Bank Governor Ahmed Ghaleb. Al-Alimi emphasized that the economy remains the government's top priority, calling for intensified efforts to meet state obligations and implement comprehensive reforms.
Al-Alimi credited Saudi and Emirati support for enabling the government to fulfill its commitments despite immense challenges. The discussions also covered economic performance, spending plans to ensure salary payments, and maintaining essential services, especially fuel for power plants.
Officials reported on dire financial and monetary indicators, exacerbated by the ongoing halt of oil exports. This cessation, a result of Houthi attacks on key oil ports, has stripped the government of vital revenues and crippled the economy. The Prime Minister outlined emergency measures to address the electricity crisis, including increased fuel allocations for power stations.