Headed by Al-Zubaidi.. a joint economic meeting that comes out with important decisions to limit the deterioration of the local currency
English - Tuesday 10 August 2021 الساعة 10:45 am
Aden, NewsYemen:
A meeting between the Supreme Economic Committee of the Southern Transitional Council, exchange companies, the Money Changers Association, and branches of commercial banks operating in the capital, Aden, chaired by Aidarous Al-Zubaidi, President of the Southern Transitional Council, approved, on Monday, a reduction of (5) riyals from the current exchange rate of the Saudi riyal daily, Starting from 10/8/2021.
Al-Zubaidi stressed that the government’s corruption, its failure to perform its entrusted duties, and its failure to return to the capital, Aden, is the main reason for the historical deterioration of the economic situation, noting that the government and some of its ministers do not have any national conscience or a sense of responsibility, and what he suffers from. The simple citizen suffers from difficult living conditions, so they leave the citizen to sleep on the ground, wrapping himself in the sky, and there is no life for those who call.
The meeting came out with an agreement to reduce (5) riyals from the current price per day, starting from the date of 8/10/2021 AD, with the aim of reaching, within five days, to (240) the purchase price of the Saudi riyal against the Yemeni riyal and selling to (242), and the need to look after that Daily by the Payments Committee to continue decreasing the exchange rate against foreign currencies until the actual rate is reached.
It was also agreed that the security authorities would follow up and monitor the exchange market and take the necessary measures in the event of a violation, in addition to continuing to hold meetings between the signatories to this agreement on a permanent basis to evaluate the progress of the agreed procedures.
In another context, it was agreed to form a payments committee headed by the head of the Chamber of Commerce, Mr. Abu Bakr Baabid, and representatives from the Supreme Economic Committee of the Transitional Council and the Association of Money Changers and Commercial Banks, with the necessity of the commitment of bank branches and exchange shops not to transfer or deport foreign currency to areas under the control of the Houthi militia.
It was also agreed to allow internal transfers from liberated areas to non-liberated areas with a limit of (2000 dollars) per client, provided that strict punitive measures are taken against violators, including (closure, fine, and imprisonment), and this depends on the nature and size of the violation, in addition to the need to tighten Monitoring the land, sea and air ports to prevent the smuggling of foreign currency from the liberated areas, and the confiscation of the smuggled funds in a way that ensures that the necessary measures are taken to curb it.
It was agreed to prevent buying and selling between money changers with each other and banks with each other, and to allow daily only selling within the limits of (100,000) Saudi riyals or its equivalent to merchants in the event that the amount exceeds this limit, according to instructions from the Payments Committee, and at the specified price, in addition to circulating these decisions To all money changers and banks in all liberated governorates.
In conclusion, Al-Zubaidi stressed the need to work effectively with the economic decisions that the meeting came up with, and to strike with an iron fist against any party or person trying to tamper with the citizen's livelihood in the liberated governorates of the south.
