Al-Kathiri discusses with members of Money Changers Association ways to halt currency collapse

SMA NEWS – ADEN THE CAPITAL
Ali Abdullah Al-Kathiri, Acting President of the Southern Transitional Council and Chairman of the National Assembly, met on Wednesday, with members of the Money Changers Association in Aden: Subhi Baghfar, Mohammed Al-Qutaibi, Abdulwahab Al-Shuwaihi, and Ali Bin Awad.

The meeting, attended by Dr. Ahmed Ali Bin Sankar, Deputy Chairman of the Economic and Services Authority assisting the Presidency of the Transitional Council, discussed the causes of the currency’s decline and its repercussions on the economic, living, and service conditions in the southern governorates and liberated areas. These include the depletion of hard currency, the failure to rationalize government expenditures and imports due to the non-payment of revenues to the Central Bank, restrictions imposed on remittances from expatriates and humanitarian aid to organizations, and the suspension of oil and gas exports due to the terrorist Houthi militia’s attacks on export ports.

Al-Kathiri stressed the need for urgent measures to halt the currency’s collapse, control it, and prevent manipulation. This is crucial to addressing the worsening general living conditions and the ongoing economic collapse, which has negatively impacted various aspects of life in the southern governorates and liberated areas.

The meeting emphasized the importance of the government developing a clear economic strategy to halt the currency’s decline, preparing budget plans based on revenue and expenditure data, and ensuring that the Central Bank adopts a monetary policy aimed at narrowing the gap between revenue and expenditure, activating its role in fulfilling its duties and responsibilities, monitoring foreign exchange auctions to ensure the return of funds through the import of essential goods, and obligating traders to fulfill their obligations as well Commercial and Islamic banks and exchange companies must adhere to legal controls and under the supervision of the Central Bank.