Yemen...a massive demonstration in Taiz in support of the decisions of the Central Bank and in rejection of international pressures

Today, Monday, the city of Taiz (southwestern Yemen) witnessed a massive public demonstration in support of the Central Bank’s decisions to reform the banking sector and stop the Houthi militia’s tampering with the national economy, and in rejection of international pressure on the legitimate government to postpone the implementation of these measures.

The correspondent of "Yemen Shabab Net" said that thousands of men and women gathered this morning on Jamal Street in the center of Taiz city, to support the decisions of the Central Bank, and to reject the pressures of the UN envoy aimed at stopping the implementation of the two banks' procedures in order to enable the militia to continue its tampering with the national economy.

Participants in the demonstration, called for by the political and societal components in Taiz, raised banners confirming their support for the recent decisions of the Central Bank of Yemen, and their emphasis on rejecting any retreat from them.

The demonstrators declared their full support for the official position and reforms led by the government and the Central Bank of Yemen in order to improve living conditions, contain the deterioration of the national currency, protect the banking system, and end the militia’s abuse, and they held the Presidential Command Council responsible for any retreat from the implementation of those decisions, which they described as sovereign.

The participants explained that the decisions of the Central Bank are sovereign decisions that represent the supreme national interest of the Yemeni people, who paid heavy prices in the blood and strength of their people to reach such courageous decisions.

The demonstrators stressed that restoring the Central Bank and the looted state capabilities is an essential part of the national battle, and that any retreat from the decisions will represent a free service to the terrorist Houthi militia and legitimize its efforts to divide the country into two economic entities at the expense of the suffering of citizens.

The demonstrators sent letters to the UN envoy, confirming their support for the decisions of the Central Bank, and that the interests of the people should not be neglected, pointing out that saving the national economy and improving the living conditions of the people begins with exporting oil, unifying the currency, and monetary policy in the country.

The UN envoy sent a letter to the Chairman of the Presidential Leadership Council, Dr. Rashad Al-Alimi, in which he expressed his "deep concern about Central Bank of Yemen Resolution No. 30 of 2024, which requires the suspension of the licenses of six banks."

Grundberg claimed, "The recent decisions related to banks may lead to serious damage to the Yemeni economy and negatively affect the livelihood of Yemenis throughout the country, which may lead to military escalation."

The envoy called for postponing the implementation of these decisions until the end of August, and informing the correspondent banks and the SWIFT system to postpone any measures that might negatively affect these banks, expressing his “support for launching a UN-sponsored dialogue between the Yemeni parties to discuss the recent economic developments with the aim of finding solutions that serve the interest of all Yemenis.” .

In an extraordinary meeting on Friday, the Presidential Leadership Council confirmed its adherence to a clear agenda to participate in any dialogue on the economic file, including resuming oil exports, unifying the national currency, and canceling all arbitrary measures against the banking sector and the financial and business community.

The Council noted the reforms led by the government and the Central Bank of Yemen in order to improve living conditions, contain the deterioration of the national currency, protect the banking system, strengthen oversight of banks and their foreign transactions, and optimally respond to disclosure standards and comply with requirements for combating money laundering and the financing of terrorism.

The Presidential Leadership Council’s handling of the UN envoy’s message was met with widespread criticism on social media, as observers warned of the dangers of reversing the Central Bank’s decisions.