Al-Zubaidi discusses currency rescue options with the heads of commercial banks

English - Wednesday 04 August 2021 الساعة 07:47 pm
Aden, NewsYemen:

 Aidarous al-Zubaidi, head of the Southern Transitional Council, held a joint meeting of the council’s economic committee, the heads of commercial banks, and the Chamber of Commerce in Aden, to discuss ways to stop the currency’s collapse and limit the high price hike, which doubles the living suffering of citizens.

At the meeting, which was attended by the Minister of Transport in the equal government, Dr. Abdul Salam Humaid, Al-Zubaidi reiterated the need to stop the collapse of the national currency against foreign currencies.

Al-Zubaidi urged the heads of commercial banks and money changers to reach serious and quick solutions to curb the currency speculation process, in light of the failure of the Central Bank to carry out its tasks and duties, and the government abandoned its responsibility.

The head of the Southern Transitional Council said that the heads of commercial banks in the capital, Aden, should feel the duty and initiative in determining the exchange rate because of its impact on people's lives and livelihoods.

In turn, Al-Zubaidi's economic advisor, Abdul Salam Humaid, stressed the need for cooperation between the various concerned parties on which the basic currency operation is based, unless the loss pervades everyone.

Humaid indicated the state of weakness reached by the Central Bank, which caused the emergence of a state of distrust and the transfer of nearly three-quarters of the monetary mass to exchange companies, commercial banks and some merchants, which facilitates the process of speculation in it, calling on commercial banks to carry out their full duties to limit this.

For their part, the heads of banks and banks unanimously agreed that the responsibility is borne by both the central bank and the money changers, presenting a number of economic visions to limit the collapse of the currency, according to the official website of the Transitional Council.

 In turn, the head of the Chamber of Commerce, Abu Bakr Baabid, stressed that the basis for the defect is the management of the currency and not the currency itself, explaining that liquidity in Aden is available, but the problem lies in the central bank, in which the equal government must change the corrupt.

While the Chairman of the Economic Committee of the Transitional Council, Dr. Muhammad Ali Matash, explained that the responsibility lies with everyone, "a central bank, commercial banks, and money exchangers", as they are all immersed in currency speculation, and this leads to the creation of corruption hotbeds, and thus chaos, stressing that in order to  Work with transparency, as commercial banks must perform their tasks in an ideal manner, and adhere to the controls that would contribute to the stability of the currency and prevent speculation in it.

Earlier, the President of the Southern Transitional Council, Aidaroos Al-Zubaidi, held two meetings with the Economic Committee and the Money Changers Association, in order to reach effective solutions to stop the currency collapse that will reflect positively on the living life of citizens.