Aden Central Pays to Share Yemen’s External Reserves with Britain

Exchange rates jumped in Aden on Sunday, insanely, with the raising of central bank in the city, the value of sold foreign currency to the markets with its new auction amid accusations of currency speculation and seeking to raise it to an unexpected level, as part of a strategy in looting Yemen’s reserves that extends abroad, where negotiations are underway with Britain to share the foreign reserves.

Exclusive- Alkhabar alyemeni:

Banking sources reported that the dollar exchange rate reached about 1545 riyals in the exchange market during the past hours, while the price of the Saudi riyal reached less than 400 riyals.

This sudden shift in currency exchange rates in Aden which witnessed days of stability at barrier 1440 dollar, it came hours after the Central Bank announced the sale of a new batch of foreign exchange, including about $15 million, the auction price reached 1515 riyals to the dollar. After the bank sold the last batch last week for about 1414 riyals only. In the context, banking sources accused the bank of trying to pull the currency exchange rug from the exchange companies, by setting a price higher than what you sell in the market, considering this step is marred by great corruption and money laundering aimed at smuggling currency abroad, due to the lack of identification by the Central Bank to the identity of the merchant, and the buyer is expected to buy with these amounts foodstuffs and sell them to citizens at reduced prices.

The sources indicated that the Central Bank’s adoption of auction method aims to raise the exchange rates of the dollar to the level of 2000 riyal, noting that this goal is part of a plan developed by coalition, through it, it aims to flood the country that is subjected to war and siege to more economic suffering, adding new burdens to citizens.

The plan was not limited to officially destroying the local currency, after plans to flood it with printed currency  from abroad, it also included efforts to acquire Yemen’s foreign exchange reserves, in this context, Reuters quoted government sources as confirming the existence of negotiations between Hadi government and British Central Bank, with the aim of helping Hadi government withdraw from foreign reserves estimated at more than 600 million dollars, alluding to the efforts of Hadi government to make a deal with British to swallow those sums that “Houthis” had previously objected to, and submitted a note of protest to the World Bank.

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