Banks and cashiers loot citizens to make up for their losses
English - Sunday 26 January 2020 الساعة 01:45 pm
aden,newsyemen
Bankers revealed that billions of banknotes after 2016 accumulated in banks and exchange companies in Aden and the rest of the liberated governorates, after the Houthi militia banned currency from the new edition in their areas of control in mid-December.
They said that banks and exchange companies can not transfer the accumulated balances they have with Aden except by buying the dollar and the Saudi riyal, and selling them in Sana'a by the exchange rate difference between Sana'a and Aden, and they resort to raising the price of the remittance service on citizens to offset their losses.
The money transfer service from the areas under the control of the legitimate government to the Houthi militia regions rose by 500 percent, without taking any measures from the Central Bank in Aden, which stood by and saw the plunder and suffering of the citizens.
The economist Sultan Al-Saghir said that the procedures of banks and money-changers in raising the fees for remittances service to citizens, declared looting, under a powerless government, and a central bank does not play its role.
He added that leaving the central bank in Aden to allow banks to transfer their funds from the new monetary categories to Saudi riyals and dollars in Aden and send them to Sana'a, the reason behind the deterioration of the value of the rial in the areas of the legitimate government.
In the recent weeks, the local currency lost 8% of its value against foreign currencies - the US dollar - in Aden, where the price of the dollar on Sunday night reached 650 rials for sale, a difference of 56 riyals from its price in Sana'a, 594 rials.
