Latest news with #CentralBankofYemen
Saba Yemen
17-03-2025
- Business
- Saba Yemen
Central Bank of Sana'a Initiates Destruction of 13 Billion Yemeni Riyals in 100-Riyal Banknotes
Sana'a - SABA: The Central Bank of Yemen in Sana'a has initiated the process of destroying 13 billion Yemeni riyals in 100-riyal banknotes. During the inauguration, Ahmed Al-Jaafari, Director General of Issuance and Treasury at the Central Bank, explained that this destruction is authorized by Law No. 14 of 2000 governing the Central Bank of Yemen, which authorizes the withdrawal and destruction of damaged banknotes, as well as Administrative Decision No. 192 of 2010, which established the destruction committee. The process was approved by the Governor of the Central Bank on December 21, 2024 (20 Jumada al-Thani 1446 AH). He noted that the destruction process was necessary as the 100-riyal banknotes had deteriorated to an unacceptable level, causing numerous issues in transactions. This step follows the successful introduction of a 100-riyal coin, which has been circulated as a replacement for the damaged banknotes. Al-Jaafari confirmed that the first destruction plan has been prepared and approved for an initial amount of 13 billion riyals in 100-riyal banknotes, following a meticulous and systematic procedure. He pointed out that 40 million riyals in damaged 100-riyal notes are being destroyed daily. "For the first time since 2016, we have resumed the destruction process for 100-riyal banknotes using advanced and environmentally safe methods that meet the highest health and regulatory standards," he added. Regarding other damaged currency denominations, Al-Jaafari assured the public that the Central Bank is committed to addressing the issue and will take all necessary steps to serve the public interest and ease their struggles with deteriorating banknotes. The destruction process was attended by members of the supervisory committee overseeing currency disposal at the Central Bank. Whatsapp Telegram Email Print
Yemen Online
15-03-2025
- Business
- Yemen Online
Yemeni Banks Relocate from Sanaa to Aden Amid Sanctions and Conflict
Several Yemeni banks headquartered in the capital city of Sanaa have decided to relocate their operations to the temporary capital, Aden, to avoid sanctions imposed by Washington on the Houthi group, the Central Bank of Yemen said Saturday. In a statement, the Central Bank welcomed the commercial banks' relocation decision, noting that it is ready to provide all possible support and protection to ensure the continuity of their services to Yemeni citizens at home and abroad. The Central Bank expressed its readiness to work with all international and regional financial and relief institutions to safeguard the country's banking system and enable their smooth operation. Acknowledging the complexities of the situation, the Central Bank said it is dealing with it cautiously and responsibly to avoid any repercussions that could harm the interests of citizens and the national economy, particularly the banking sector. In May last year, the Central Bank suspended dealings with six major commercial banks in the country due to their failure to relocate from the Houthi-controlled capital Sanaa to Aden and their cooperation with the militant group, Xinhua news agency reported. However, the decision was cancelled later following external mediation. On March 4, the US State Department designated the Houthis as a 'Foreign Terrorist Organisation', under an order announced by President Donald Trump upon taking office in January. UN Special Envoy to Yemen Hans Grundberg on Wednesday had emphasised the necessity of coordinating regional and international efforts to decrease tensions and advance an inclusive political process in Yemen. Grundberg made the remarks during a visit to Saudi capital Riyadh, where he met with Saudi Ambassador to Yemen Mohammed Al-Jaber, UAE Ambassador to Yemen Mohammed Al-Zaabi, ambassadors of the permanent members of the Security Council, and other senior officials, the UN envoy's office said in a statement posted on social media platform X. 'Discussions focused on Yemen and regional developments, including key political dynamics,' the statement said. 'He stressed the importance of unity and collective action in achieving a sustainable and peaceful resolution to the conflict,' it added. Yemen has been mired in a devastating military conflict between the Houthi group and the internationally recognized government for more than a decade.
Yemen Online
27-02-2025
- Business
- Yemen Online
Yemeni Rial Plummets Amid Economic Struggles
The depreciation of the Yemeni currency leads to rising prices and hardship for citizens amid persistent conflict. The Yemeni rial has seen dramatic depreciation recently, leaving citizens and traders grappling with its impacts. This situation has heightened concerns about economic stability and the daily lives of millions. The value of the rial has plummeted, losing more than half its worth compared to last year, according to local economists. The situation has reached crisis levels, with significant inflation impacting the cost of basic goods and services. Local shop owners report, "People are struggling to afford basic necessities due to skyrocketing prices," underscoring the daily hardships faced by the community. This economic turmoil arises from multiple factors, predominantly the longstanding conflict and economic mismanagement. Yemen's civil war, still raging after several years, has eroded the economy's foundations, leading to depleted foreign reserves and rampant inflation. The instability makes it increasingly difficult for the Central Bank of Yemen to intervene effectively. Efforts to stabilize the currency have been met with mixed results. Government officials have stressed the need for immediate external assistance to stabilize both the rial and the broader economy. "We need immediate support to stabilize the currency and economy," said one official, reflecting widespread consensus on the urgent measures needed for recovery. The Central Bank has attempted to implement policies to curb inflation and stabilize exchange rates, yet many citizens feel these measures are too slow to alleviate their suffering or restore confidence in the rial. The ramifications of the weakening currency stretch from the city markets to rural areas, impacting food prices and everyday life. Given this backdrop, the direct impact on Yemeni families is stark. Reports reveal increasing discontent among citizens, with many struggling to meet basic food needs. "Every week, prices go up; we just can't keep up with living expenses anymore," lamented one trader who highlighted the pressure on households. This lack of affordability is setting the stage for broader social unrest. Yemen's economy, already fragile from conflict, is on the brink of collapse without urgent intervention. International organizations and neighboring countries have been urged to provide humanitarian assistance to alleviate the immediate pressures facing ordinary Yemenis. This precarious situation emphasizes the need for lasting solutions to economic and political instability. Experts agree on the importance of establishing peace as the prerequisite for rebuilding and stabilizing the Yemeni economy. Measures must be enacted not only to address currency fluctuations but also to restore trust and functionality within Yemen's economic institutions. Looking forward, there is cautious optimism among some economists about potential recovery steps which include fostering trade, increasing foreign investments, and stabilizing the political environment. Only with such measures can Yemen address the root causes of its currency crisis effectively. Yemen's plight serves as a tragic reminder of the interplay between conflict and economic health, necessitating urgent attention from both local leadership and international partners alike.
Hadramout Net
14-02-2025
- Business
- Hadramout Net
Central Bank in Aden calls for speedy resumption of oil exports
An emblem of the Central Bank of Yemen is seen on the bank's gate in Sanaa August 24, 2016 (REUTERS/Khaled Abdullah) إقرأ ايضا The Centrality of Iraq and Syria to the Islamic State's Caliphate فاطمة عبده حزام مديرًا للسجل المدني فرع مديرية المنصورة Aden (South24): The Central Bank of Yemen in Aden warned on Wednesday of the severe repercussions of the economic deterioration in the country, noting that the Houthi attacks on oil facilities and the disruption of oil and gas exports have exacerbated the financial crisis which is reflected in the dire living and service conditions. The bank said in its statement: 'The Central Bank has repeatedly warned since the escalation of Houthi attacks on the state's revenue sectors, most notably the oil sector in October 2022, of the serious consequences and ominous consequences of the militia attacks.' The Central Bank said that it had previously provided 'many necessary solutions to reduce the effects and avoid bottlenecks in salaries and services,' but these solutions 'did not receive an appropriate response from the relevant government agencies, but rather the use of important sovereign resources that contributed to providing the minimum level of services was disrupted.' The bank called on the Presidential Leadership Council (PLC) and the government to provide the necessary support to enable it to perform its duties in protecting the stability of the national currency, and to redirect all revenues to the state's general account in the Central Bank. The Central Bank's statement, which came in unusually harsh language, reflects an implicit acknowledgment of its declining ability to confront the economic crisis without effective government support, amid a deteriorating financial environment and the absence of sustainable solutions to stop the collapse of the Yemeni riyal and achieve economic stability in the country. Earlier today, a banking source told South24 Center that the Central Bank in Aden has suspended the buying and selling of foreign currencies in exchange shops and companies in a late move to stop the decline of the Yemeni rial to a historic low against the US dollar (1 dollar = 2,360 rials). A media source at the Central Bank confirmed the accuracy of this information to South24 Center. He said that it is a measure to stop the collapse of the Yemeni rial. ملحوظة: مضمون هذا الخبر تم كتابته بواسطة صوت الشعب , ولا يعبر عن وجهة نظر حضرموت نت وانما تم نقله بمحتواه كما هو من صوت الشعب ونحن غير مسئولين عن محتوى الخبر والعهدة على المصدر السابق ذكرة.
Khabar Agency
13-02-2025
- Business
- Khabar Agency
Yemeni Rial Plummets as Government Funds Diverted to Groups
Anonymous banking sources told Khabar Agency that the US dollar's exchange rate hit 2,346 rials on Thursday, while the Saudi riyal surged to 615 rials. The local currency's value continues to erode daily amid hyperinflation and dwindling public trust. In a statement issued Wednesday from its Aden headquarters, the Central Bank of Yemen (CBY) partially blamed the collapse on Houthi-led assaults on state revenue streams, particularly targeting oil infrastructure since October 2022. The attacks have crippled Yemen's primary source of foreign currency, exacerbating the economic crisis. The CBY also condemned rampant illicit revenue practices, urging the internationally recognized Presidential Leadership Council (PLC) to channel all state funds into official central bank accounts. 'Diverting revenues to parallel entities undermines fiscal stability and national priorities,' the statement warned. In a rare admission, the bank acknowledged that significant government income is being siphoned by armed factions and corrupt networks, exposing systemic graft that has hollowed out institutions. Meanwhile, over 17 million Yemenis face acute hunger as food prices skyrocket. Economic analysts confirm that staple foods like wheat, rice, and sugar now sell at 300% above pre-war levels. With cash reserves depleted, families increasingly rely on piecemeal purchases, unable to afford bulk quantities. 'The rial's collapse isn't just economic—it's a death sentence for millions,' said a local trader in Aden.
