A member of the Economic Commission accuses the Houthis of creating a black market for currency collapse

A member of the Economic Commission accuses the Houthis of creating a black market for currency collapse

Economic Committee member Fares Al-Ja’adabi accused the Houthis of creating a black market, managing the economy of areas under their control, and accusing them of obstructing commercial traffic and creating crises to exploit them to finance their war.

After the $200 million grant, the government's efforts yielded a halt to the rapid collapse of the national currency, which is recovering a fraction of its value, Saudi Arabia's Middle East newspaper Reported.

"if We did not have this intervention and Saudi support, we would not have been able to achieve the goal of halting the collapse, and returning some value of the national currency," Ja’adabi said, "they are on the way to resolve the financial and economic conflict with the putschists, without giving more details."

The Houthis halted the country's revenues from the oil sector and minerals, the Country's exports fell, they took control of the Central Bank's monetary bloc in Sanaa and halted the disbursement of salaries, reducing the demand for goods and services and increasing unemployment.

"in short, The loss of the Yemeni riyal to foreign currencies will be normal for the conditions that the Yemeni economy is going through, which was caused by the coup pirates and their cash network, where they raised the demand, benefiting from the monetary mass they had from the Yemeni riyal, which they collected By exploiting the trade of petroleum derivatives, or withdrawn from the revenues of the state and the resulting reneging, five, war effort, taxes and customs on the citizens in the areas of submission to them, which led to the collapse of the riyal outside the natural limits of any purely economic interpretation and access to 830 riyals per dollar».

On the role of the Economic Commission and its plan to address the crisis, the Commission had been established with advisory and not executive powers, with the task of providing recommendations and coordination between the executive organs and lifting the President and the Prime Minister Only.

He pointed out that the direct responsibility for the stability of the national currency legally and constitutionally is the central bank of Yemen.

Al-Ja’adabi  believes that the phase of halting the collapse and restoring the Yemeni currency will gradually come to an end and that the Commission was able to stop the bleeding, but the Yemeni riyal is still in the intensive care room gradually recovering, and now the picture is halting the collapse and the dollar slipped against the Yemeni riyal of 830 to 695 riyals for $1 today».


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