Worth $1 billion.. News about a Saudi grant to support the national currency next week

Informed media sources revealed that a Saudi grant of one billion dollars will be announced next week to strengthen the Central Bank in Aden and support the national currency, which is witnessing an unprecedented historical collapse.

Journalist Abdulrahman Anis quoted a private banking source as saying, "Central Bank Governor Ahmed Ghaleb Al-Ma'baqi will return to Aden next week, coinciding with the Central Bank being strengthened with a $1 billion grant from Saudi Arabia."

The source explained that "the billion dollars will have a very limited impact on the exchange rate, and will be allocated to twenty auctions to sell the dollar, with each auction worth fifty million dollars."

The source pointed out that "the value of the auctions will be allocated to paying the salaries of public sector employees and enabling the government to pay some of its obligations."

The source stressed that "saving the national currency and returning it to a level commensurate with employees' salaries requires pumping no less than eight billion dollars, and there are no signs of any sister or friendly country being prepared to pump this amount into the Yemeni market."

He noted that "the government's request to resume the export of crude oil is not acceptable to our brothers and friends who believe that exporting may mean an escalation against the militias, and that exporting must take place after a comprehensive economic agreement, in accordance with the texts of the frozen peace map," according to his expression.

During the past weeks, the national currency witnessed a historic collapse against foreign currencies, with the dollar price reaching more than 2,000 Yemeni riyals per dollar, for the first time in its history.