Sana’a Warns Hadi Gov’t of Spread Counterfeit Currency

An official source at the Central Bank of Yemen, Sana’a’s main center, warned of the Hadi’s government’s efforts to flood markets in the Southern provinces in counterfeit currency, and the consequent rise in inflation and prices of goods and services in those areas.

“The statement issued by the Central Bank of Aden contains contradictions that confirm its violation of the most basic economic rules and the alphabet of monetary policy,” the source said in a statement.

He pointed out that the statement in question claimed to approve the adoption of treatment of the price distortions of the national currency by continuing to pump more printed currency, which indicates the state of confusion and loss of control reached by the government of Aden, and the management of the Central Bank of Aden, as a result of personal ambitions and objectives of the Saudi coalition in harming the Yemeni people, which directly reflected on exchange rates in the occupied provinces, and the significant collapse in the value of the local currency in it, to reach more than (1000) riyals to the dollar One so far.

The source stressed that the decisions of the Central Bank of Aden will cause – certainly catastrophically – further collapse in currency prices in the occupied areas, regardless of the type of printed currency to be pumped, as its circulation is prohibited in the areas of the administration of the Government of National Rescue, thus further rise in inflation rates and prices of goods and living in the occupied areas as a result of successive currency printing operations in huge quantities over four years, resulting in a very large surplus in the local currency supply accumulated in the occupied territories, and in a way that the Central Bank of Aden could no longer control.

The source added, “What is included in the statement of the Central Bank of Aden is mere pretexts that the Hadi’s government is trying to fabricate to justify its continuation of the printing of counterfeit and illegal currency papers, and pumping them into the “occupied areas” for the purpose of using them to buy foreign currency and smuggle it into the accounts of Saudi-backed leaders abroad, in exchange for the erosion and decrease of the real value of the money and savings of citizens in the occupied areas, and in order to achieve the objectives of the states of Saudi coalition in order to try to cause damage and deterioration of the exchange rate in the areas of the Government of National Rescue, which does not It can only be achieved by destroying the economy of the “occupied territories” first, as the infusion of printed currencies, increased money supply and inflation rates begin.

The source also confirmed that the central bank, the main center of Sana’a, has already warned of the results of these actions and decisions from the countries of Saudi-led coalition against Yemen.

The source called on citizens to abide by the package of procedures issued on 22 June 2021 and on 27 June 2021 on the non-dealing, possession, or transfer of counterfeit currency of the category (1000) Riyals, whose serial number begins without the letter (A) and the blogger on it in 1438 H- 2017, and that the maximum allowed the transfer of the Yemeni legal currency from the occupied areas to the areas of the Government of National Rescue is only 100,000 riyals per person, and it is recommended that it not be in the category (1000) riyals to avoid any delay in checkpoints and allows the transfer of any amounts of foreign currency.