National currency devaluation impact discussed in Sanaa

September 9, 2018

Deputy Prime Minster and Finance Minister Dr. Hussein Maqboli on Saturday chaired a meeting in Sanaa to discuss the national currency's devaluation against foreign currencies and its impact on citizens’ living conditions.

In the meeting, which was attended by representatives of commercial banks and Yemeni cashiers association, Dr. Maqboli stressed the importance of assuming responsibility to alleviate the economic and living burdens of citizens, especially in light of the continued aggression.

The Saudi-led aggression coalition resorted to the economic war after its complete inability in the military confrontation, he said.

Dr. Maqboli explained that the main reasons for the destruction of the economy and the high price of foreign exchange are the random printing of the national currency, the transfer of the Central Bank and the siege imposed on the port of Hodeidah.

He stressed that all parties should bear their responsibility seriously to stop the decline in the Yemeni riyal value and to control the exchange rate.

In this regard, Dr. Maqboli noted that the National Salvation Government took several measures to control the exchange rate by preventing the foreign currency smuggling, as well as the Cabinet’s recent decision to prevent the circulation of the currency printed by the aggression countries.

saba