Central Bank in Aden Condemns Illegal Practices Calls for Empowerment to Fulfill Its Role in Yemen

The Central Bank of Yemen in Aden has called on the Presidential Leadership Council and the government to put an end to all illegal practices impacting revenue collection.

In a statement released after an emergency meeting of its board of directors, the Bank appealed to the Presidential Council and the government to provide the necessary support to enable it to carry out its duties with full professionalism and independence.

The Bank also urged the Presidential Council and the government to take immediate measures to restore the operation of sovereign revenue-generating facilities. This step, it emphasized, would serve the public interest, improve citizens living conditions, and provide essential services that have deteriorated to their worst levels. The statement stressed the need to activate all institutions and address bottlenecks that have worsened due to the near-total absence of responsible officials.

The Central Bank stated, We have repeatedly warned of the severe consequences and alarming outcomes of the Houthi attacks and proposed several necessary measures to mitigate the effects and prevent disruptions in salaries and services.

Unfortunately, we have not received an adequate response from the relevant government authorities. Instead, the utilization of critical sovereign resources, which were instrumental in providing minimum services, has been obstructed.

The Bank further emphasized that available resources have not been managed in a manner that aligns with the challenges or addresses obligations based on their importance and priorities.

This statement comes as the local currency in government-controlled areas continues to collapse, hitting its lowest value against foreign currencies in history. The ongoing monetary divide has driven the exchange rate to over 2,350 Yemeni riyals per US dollar, while the Saudi riyal has surged to 615 Yemeni riyals in Adens market transactions.

The government has demonstrated a complete inability to curb this deterioration, as it continues to neglect