Hope and fears regarding Hadi’s changes to the management of the Central Bank of Yemen
English - Thursday 09 December 2021 الساعة 06:11 pm
Aden, NewsYemen, Exclusive:
Hadi was very late in changing the management of the Central Bank without any explanation for that except that corruption was and still is a mainstay of the government’s program
Observers believe that changing the bank’s leadership is a first step for reforms that must continue, but they set several conditions for the success of the change, including changing ministers and leaders in the army and governors of governorates and the necessity of liberating the telecommunications sector from the hand of the Houthi militia, Iran’s arm in Yemen.
Mostafa Nasr, head of the Center for Studies and Economic Media, posted on his Facebook page: Appointing a governor, deputy and board of directors is an important step for the time being. The most important thing is to support this administration in order to succeed in curbing the collapse in the currency rate and bringing about a change in monetary policy.
He stressed by saying that it is necessary to support the presidency and the government, as well as to provide direct support from the coalition at this stage.
Nasr previously explained to the "Emirati Vision" newspaper that the collapse of the currency expands the areas of need.
Much depends on the person of the governor due to his long work in finance and his experience in fighting corruption and money laundering, as well as the deputy and the rest of the administrative staff, which represents a strong point.
Nasr had stipulated, in order for the fiscal policy to succeed, the resumption of oil and gas exports with a high operational capacity, the improvement of the government’s revenue streams, the delivery of army and security salaries through banks according to a transparent system, in addition to external support, by providing new deposits, and the new management of the bank bears the responsibility of preparing an efficient and transparent mechanism for its expenditure in order to achieve exchange rate stability and thus price stability, otherwise it will be difficult to achieve steps forward in light of the state of complete paralysis in many sectors.
Journalist Abdul Wali Al-Madhabi wrote: The dollar price fell without economic plans and without austerity measures, it fell just to talk about imminent changes in the bank.
We need no more proof of government failure than that.
As for Ambassador Mustafa Noman, he posted on his Facebook page. "The decisions related to the Central Bank that were issued on Monday are, in my opinion, the most important since 2015, because if they were implemented, they would reach the bottom of the corruption that struck the most important institution in the state and was manipulated and looted... and it was an outlet for corruption for everyone who managed it and dealt with it.
He concluded by saying, "I have unlimited confidence in the new governor of the bank, and I know his competence, integrity and patriotism."
