Sana’a - Saba:
The Central Bank of Yemen announced on Thursday the start of the first phase of the process of destroying the first-issue 200-riyal banknotes, which have become unfit for circulation according to approved standards, with a total value of 2 billion riyals.
In a statement received by the Yemeni News Agency (Saba), the Central Bank explained that the implementation of this phase coincides with the bank’s release of the second issue of banknotes for the same denomination, in accordance with its plans related to the rehabilitation and reform of the monetary system, maintaining the purchasing power of the national currency, and enhancing confidence in it and in the quality of the circulating cash. This comes based on its legal responsibilities in formulating and implementing monetary policy, managing liquidity, and its role in protecting the national economy.
The bank confirmed that the destruction process is carried out based on approved instructions and procedures, and according to modern environmental and security standards; by using mechanical shredding technology to turn the banknotes into small pieces in the form of blocks, to ensure their safe disposal and prevent their reuse.
The Central Bank urged citizens and financial and non-financial institutions to exchange any damaged banknotes of the 250-riyal denomination and below through exchange centers at the bank and its branches in the governorates, stressing the importance of preserving the national currency for a strong and sustainable monetary system.