Yemeni Prime Minister: The decline in the currency exchange rate is not spontaneous and indicates a deliberate plan that must be confronted

Yemeni Prime Minister Ahmed Awad bin Mubarak confirmed on Wednesday that confirmed financial and monetary estimates indicate that the decline in exchange rates, particularly during the past two days, is unjustified or logical, which confirms that what happened was not spontaneous and indicates a deliberate plan.

This came during his meeting in the interim capital, Aden, with the leadership of the Central Bank of Yemen, to follow up on the interventions implemented to control the exchange rates of the national currency, and the measures required to restore the situation to normal, stop speculation, and control manipulators, according to the Yemeni News Agency "Saba".

During the meeting held at the Central Bank headquarters, Bin Mubarak listened to a comprehensive briefing from the Deputy Governor, the Undersecretaries and the heads of the relevant sectors on the monetary situation in terms of liquidity indicators, money supply and price levels, the position of foreign reserves and developments in public finances in terms of resources, spending, the size of the deficit and its financing mechanisms.

He also reviewed the urgent measures taken in light of recent developments to limit currency speculation, the relative decline achieved, and the upcoming steps to enhance this.

The meeting approved a number of measures and interventions at the level of monetary and financial policies, within the framework of integrated work aimed at achieving stability in the exchange rate, controlling prices, and restoring balance to the macroeconomic system.

The Prime Minister reiterated the government's keenness to enhance integration between fiscal and monetary policy in a way that reflects on achieving economic stability and alleviating citizens' living suffering, stressing the government's support for the work, efforts and independence of the Central Bank in accordance with applicable laws and legislation.

Ben Mubarak said that the unjustified decline in the exchange rate of the national currency should be dealt with as a battle that is equal in importance to the ongoing military battle to complete the restoration of the state and end the coup, which requires everyone to deal with it on this basis.

He added that the confirmed financial and monetary estimates indicate that the decline in exchange rates, particularly during the past two days, is unjustified or logical and does not correspond to the size of the circulating monetary mass. This confirms that what happened was not spontaneous and indicates a deliberate plan that we are called upon to join together to confront.

The Prime Minister stressed that the responsibility is complementary and that efforts must be combined between the government and the Central Bank of Yemen to put an end to this tampering with the livelihoods and livelihoods of citizens, as the citizen can no longer bear any additional burdens in the livelihood aspect.

Recently, the Yemeni riyal witnessed a new record decline against the dollar, and the price of the dollar exceeded 2,000 Yemeni riyals, while the price of the Saudi riyal exceeded 520 riyals, in light of the government’s inability to find a solution to the worsening living crisis.