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  US-Saudi Aggression
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By issuing the coin, Central Bank in Sana'a restored one of most important tools of monetary policy
By issuing the coin, Central Bank in Sana'a restored one of most important tools of monetary policy
By issuing the coin, Central Bank in Sana'a restored one of most important tools of monetary policy

SANA'A April 02. 2024 (Saba) - As part of the deliberate steps and measures taken by the Central Bank of Yemen in Sana'a to serve the Yemeni people and maintain the stability of the economic situation in the country, the bank issued a 100-riyal coin, in order to confront the problems resulting from the obsolescence and damage of banknotes of this category.

To ward off concerns raised by some of the mouthpieces of the aggression and its mercenaries about this step, the bank governor reassured all citizens that the offering of the new category of currency would not have any effects on exchange rates, as this issuance was allocated to replace damaged currencies and therefore there would be no addition to the monetary mass on offer.

Indeed, only hours had passed since the announcement of its new issuance until the bank took the initiative to translate its words into actions by opening the doors of both the Central Bank and the Agricultural Cooperative Credit Bank and their branches to citizens to replace the damaged paper currency with the new coin, since the first day of the latter’s official introduction and circulation on the 11th.

The thirtieth of March 2024 AD, thus blocking the way for all bidders, fearmongers, and those who complain about the currency for other purposes and accounts.

One of the strange contradictions is that the majority of those who participated in the malicious campaign against this important step taken by the bank were the same ones who continued to use the dilapidated one hundred riyal banknote as a subject of ridicule and ridicule.

However, as soon as the bank announced that it had found a solution to this problem, they turned it upside down to reveal... This reveals their malicious intentions , that all the noise and confusion they raise was nothing but political outbidding and intrigue, which is the task that the aggression entrusted to them years ago to cast doubt and belittle the importance of any success or achievement achieved by Sana’a.

They did not issue any comment or position when the ships carrying tons of various denominations of illegal and counterfeit currency printed in Russia were arriving successively at the ports of the occupied provinces, despite the real threat they pose to the economy and livelihood of the Yemeni people. Rather, some of them were justifying the mercenary government and its bank to continue... This conspiracy was paid dearly by the people of the occupied provinces.

There is no comparison between what the Central Bank in Sana'a did in issuing this assistance currency within the framework of its national role and its concern for the public interest, and what the Central Bank branch in Aden did during the past years in printing a huge mass of illegal and counterfeit currency that far exceeds what was printed of banknotes in the country over the past decades, causing an unprecedented collapse in the exchange rate of the currency circulating in the occupied provinces against foreign currencies.

According to what was confirmed by the Governor of the Central Bank of Yemen, Hashim Ismail, in the press conference he held at the bank’s headquarters in Sana’a coinciding with the issuance of the coin, the aggression coalition put the war on the currency at the forefront of its economic war, which began with practical steps in September of the year 2016 with the unconstitutional decision.

The law regarding transferring the functions of the Central Bank to Aden, after the aggression failed in the military field and failed to achieve its will in the Kuwait negotiations... indicating that America took over the instigation and management of the economic war and was the plan to transfer the functions of the bank to the occupied province of Aden.

Since 2016, the US-Saudi aggression coalition has sought to transform the Central Bank, after transferring its functions to the occupied province of Aden, into a tool of war to target the country’s economy and the living situation of the Yemeni people.

It quickly pushed its mercenaries to begin the process of printing currency in an unprecedented violation of international standards for printing currency through counterfeiting. Counterfeiting legal currency and printing huge quantities of it, without regard to the catastrophic consequences that the Yemeni people have paid and continue to pay for.

In accordance with the desire of the American, the mercenaries have continued since then to print currency without legal cover, reaching more than five trillion riyals of illegal and counterfeit currency, which has plunged the people of the occupied provinces into the midst of deadly living , service crises and bitter suffering that is still continuing and will continue in the coming days. Unless this crime is reversed, the money supply is withdrawn, and citizens, financial institutions, and the private sector are compensated fairly.

The Central Bank branch in Aden continued to rely on printing illegal currency to meet all its government payments, causing it to flood the banking market and increasing the demand for foreign currencies.

It also relied on printing to confront the scarcity of cash liquidity that the bank itself caused due to the overdraft operations it conducted at the time with A number of governmental and commercial institutions, which exacerbated the problem even more.

As a result of these retaliatory measures, the illegal currency in the occupied provinces continued to collapse against foreign currencies, reaching the frightening decline it is today, exceeding 1,600 riyals per dollar, amid growing popular dissatisfaction with the failure of the monetary policies of the mercenary government , its bank in Aden, and their continued targeting of the national economy and citizens live intentionally.

On the other hand, the Yemeni riyal (legal currency) maintained its value in the free provinces at 530 against the US dollar as a result of the Central Bank in Sana’a continuing to pursue sound monetary policies, including preventing flooding of the banking market with illegal and counterfeit currency, tightening control over money changers and preventing currency speculation.

In addition, other thoughtful measures taken by the bank to address the effects resulting from the economic war waged by the aggression against the country’s currency and economy.

In view of the success it has achieved over the past years, the Central Bank in Sana'a has gained the confidence of the banking sector and all the Yemeni people, who sensed the bank’s keenness and the efforts it has made to stabilize the economic situation and confront the rabid economic war of the aggression coalition.

Accordingly, the Yemeni people helped their central bank to remain steadfast in the face of all the aggression’s plots through their solidarity and support for it, in addition to their response and interaction with all its decisions and actions.

However, as a result of the war carried out by the aggression against Yemen against the national currency and causing its value to decline against foreign currencies and its decline against one dollar from 215 to 530 riyals, the 100 riyal paper currency was transformed from a basic currency into an auxiliary currency that is widely traded by... People, which prompted the Central Bank of Yemen in Sana'a to search for solutions to treat auxiliary currencies as a priority to alleviate the suffering of the people, and therefore the metal issuance of the one hundred riyal denomination came due to the long shelf life of coins compared to paper currencies.

According to what the Governor of the Central Bank confirmed during the press conference, this metal issuance will be followed by a similar issuance for denominations of less than 100 riyals, while the bank, after the economic situation improves and addresses all the effects of the war of aggression against the currency, will review its policies regarding supporting currencies and take appropriate action towards them.

With this step, the Central Bank, represented by its main center in Sana'a, presented another lesson regarding the nature of its national and constitutional role in serving all the Yemeni people, and its keenness to improve their economic and living situation as a result of the ongoing economic war on the country since the beginning of the aggression against it nine years ago.

The bank also regained a manifestation of sovereignty and one of the most important monetary policy tools that the American-Saudi aggression coalition and its mercenaries have been using to harm the Yemeni people, their economy, and their livelihood.


resource : SABA


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UPDATED ON :Wed, 17 Apr 2024 21:32:39 +0300