The government says it will take all legal measures against violating banks and exchange companies.

Deputy Minister of Industry and Trade Salem Al-Wali said that the ministry will take all legal measures against banks, companies and exchange offices that violate and do not have their documents and data with the ministry.

This came during his meeting on Wednesday in Aden with the head of the Money Changers Association and representatives of banks, exchange companies and shops, regarding the repercussions of price changes and the decline in the value of the local currency and the measures to contain their impact on the livelihood and lives of citizens.

According to Saba News Agency, the meeting stressed the need to integrate the efforts of all banks, companies, exchange offices and the association and to deal seriously with economic challenges as a top priority.

He stressed the need to control the exchange rate of the national currency, which has declined significantly recently due to many factors, including the continued halt in oil exports, the rise in shipping prices and their disastrous repercussions on living conditions.

The meeting also stressed the need to double efforts and stand together against violating banks and currency speculation, take all strict legal penalties against them, and control and monitor the money supply on a regular basis.

The meeting stressed the need to develop solutions that would reform the paths of financial and monetary operations and submit them to the Prime Minister.

This comes amid the continued decline of the national currency against foreign currencies, and the failure of government measures taken to limit this accelerating and unprecedented collapse.