Lamlas chairs a meeting to discuss ways to confront the accelerating deterioration of the local currency
SMA NEWS – ADEN the Capital
The Governor of Aden, Ahmed Hamed Lamlas, chaired a meeting, on Wednesday, with the leadership of the Chamber of Commerce, the Money Changers Association and the Economic Committee, stressed the need to supply the proceeds of oil sales to the Central Bank of Yemen in Aden, stressing that the lack of revenue is one of the main reasons for the collapse of the national currency.
The meeting discussed the causes of the significant deterioration of the local currency and ways to address it, while the governor of Aden stressed the importance of tackling the problem that reflected itself on all aspects of life in the country, and exacerbated the deteriorating living situation of citizens.
The meeting reviewed a number of reasons that led to the collapse of the local currency against foreign currencies, most notably the economy’s dependence on quarterly revenue below production, the failure to supply oil and gas revenues and other resources to the Central Bank, and the continuation of the war, which makes the currency recovery and stopping its deterioration impossible to happen, as well as A decline in foreign remittances from expatriates due to the Corona pandemic.
The meeting discussed a number of urgent proposals and measures to contain the situation without the riyal continuing its deterioration after it crossed the thousand riyals barrier against one dollar.
He stressed the importance of the government’s move to urgently pump a financial deposit into the central bank, supply oil and gas sales to the bank’s treasury, as well as determine the list of basic commodities, fix their prices on traders by the Ministry of Commerce according to their international prices, and control the banking market by closing non-exchange shops licensed, and to persuade international organizations operating in the country to transfer their support in hard currency.
