The Houthis announce the issuance of a coin despite warnings from the Central Bank in Aden

In a move to deepen the banking division and the economic war, the Houthi group announced during a press conference the minting of a coin despite warnings from the Central Bank of Yemen in the capital, Aden.
Despite proactive warnings by the Central Bank of Yemen in Aden, the Houthi group announced, on Saturday, the minting of a 100 Yemeni riyal coin, in a move that would deepen the banking division between the areas controlled by the group and the areas controlled by the legitimate government, in addition to fueling the economic war.

Years ago, the Houthi group imposed a banking system in the areas under its control, independent of the banking system under the control of the Yemeni government, and prevented the circulation of printed cash bills through the Central Bank in Aden. It also forcefully imposed a different price for the dollar in the areas under its control.

The Houthi group minted an illegal coin of 100 Yemeni riyals (X).
One dollar in areas controlled by the group is about 530 Yemeni riyals, while in areas under the control of the legitimate government it is about 1,600 Yemeni riyals.

The group’s leaders in Sanaa held a press conference in which they announced the minting of the 100 riyal coin, and said that they would open points operating around the clock to replace the damaged 100 riyal coin, starting on Sunday. They also claimed that they had minted the currency in accordance with the latest international standards to confront… Damaged currency problem.

Economic researchers believe that the group will impose the circulation of this currency in areas under its control despite its illegality, in terms of its issuance by an internationally recognized coup group, especially since the population faces a scarcity of liquidity due to the ban on notes issued by the Central Bank in Aden.

The Board of Directors of the Central Bank in Aden anticipated the Houthi move and held a meeting during which it warned all citizens, financial and banking institutions, and commercial sectors against dealing or accepting counterfeit currency and replacing it with legal currency “as this is an illegal procedure” implemented by an illegal entity.

He said that such a step would increase the complexity of citizens’ transactions and eliminate any efforts trying to maintain the existing exchange of goods and services between the various governorates.

The Central Bank of Yemen confirmed that this measure is nothing more than a tool to plunder the financial assets of financial, banking and commercial institutions and citizens through a forged and illegal means of exchange, in addition to the multiple unjust and illegal levies that are collected by force and in light of the withholding of salaries and the lack of services.

The bank said that it will exercise its legal right to take all measures to ensure the protection of the national currency, citizens’ savings, the banking system, and economic activity from the devastating effects of any irresponsible action.

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