Yemeni PM convenes emergency meeting to tackle urgent need to stabilize currency
Date
10/16/2024 6:00:25 AM
(MENAFN) Yemeni Prime Minister Ahmed Awad bin Mubarak convened an emergency meeting on Tuesday in the southern port city of Aden to address the urgent need to stabilize the national currency following a sharp depreciation of the Yemeni riyal in government-controlled provinces. This gathering included key officials such as Central Bank Governor Ahmed Ghaleb and Finance Minister Salem bin Buraik. According to the state-run Saba news agency, the focus of the meeting was on implementing fiscal and monetary reforms aimed at stabilizing the national currency and boosting public revenues.
In recent days, banking sources in Yemen's government-controlled provinces, including Aden, Taiz, and Marib, reported that the exchange rate had surpassed 2,000 Yemeni riyals per U.S. dollar. This figure represents the lowest level since the civil war began in late 2014, when one U.S. dollar was equivalent to just 215 riyals. The steep decline of the currency has led to soaring prices for essential goods such as rice, wheat, and fuel, exacerbating the already dire hardships faced by Yemeni citizens.
Following the emergency meeting, the central bank governor announced a public auction to sell 50 million U.S. dollars as part of immediate intervention measures. He attributed the ongoing pressure on the riyal to several factors, including the halt of key national resources, reduced foreign aid, and declining state revenues. The current situation underscores the pressing need for effective economic policies to stabilize the currency and mitigate the impact on the population.
Prime Minister Bin Mubarak expressed deep concern over the "catastrophic consequences" of the riyal's depreciation on the daily lives of Yemeni citizens. He pledged full support for the central bank's measures and highlighted the critical importance of swiftly implementing these strategies to stabilize the exchange rate and restore economic confidence in the country.
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