Governor and central bank officials loot 9 billion riyals in currency speculation

Governor and central bank officials loot 9 billion riyals in currency speculation


The Economic Commission on Sunday called on Prime minister Maeen Abdul Malik to direct the general anti-Corruption Commission to investigate corruption of millions of dollars in the sale and purchase of currencies in the central bank of Yemen.

These operations caused a significant decline in the Yemeni riyal to foreign exchange, with the riyal falling from 440 against the dollar to 550 in less than a month, after a surge of improvement at the end of last November.

According to the Economic Commission's note published by the committee's chairman Hafez Me’iad on his Facebook page, the past period has seen a process of manipulation and speculation in the currency, and there are strong suspicions of a large-scale corruption operation.

The Commission proposed that the government approve the anti-corruption Commission to inspect corruption operations.

The memo did not refer to the people involved in the corruption operations, but a source said earlier that the governor of the central bank Mohamed Zammam and other officials involved in the currency speculation, and reaped enormous profits, at the expense of the Yemeni economy, which is already deteriorating due to the war.

He noted that the speculative process was carried out between officials of the Central Bank of Yemen and exchangers in the market.

According to the Committee's note, bank officials were buying the currency from the exchanger's at prices that were more than the market price, and selling to merchants less than the market price, making the bank lose large sums.

He added that the bank lost goes as profits the exchangers, and after the sales and purchases, the profits are shared between the cashiers and bank officials, who reaped huge profits while the Yemenis suffer from hunger, and it reached the death limit in some areas.

According to the schedule annexed by the Economic Commission, the difference in one month amounted to 8 billion and 969 million Yemeni riyals (the equivalent of $17 million), and this amount went to the bank's officials and a percentage of it to accomplices exchangers.

One exchanger described the operation as systematic looting of Yemeni money, while people hoped the new leadership of the bank would improve the economy and the local currency situation.

He told the Al-Masdar online that the bank is supposed to stop speculation in currency on the black market, not to turn the governor and officials in the bank into speculators.

Over the past two days, the currency has collapsed, although the market is stalled, and there is no purchasing power, especially as commercial operations stop for inventory at the beginning of the year, he added.

The cashiers called on President Abed Rabbo Mansour Hadi to dismiss the bank's governor and other officials, refer them to the investigation, place them in prisons, return the Yemeni funds, and appoint honest leaders to manage the country's economy.

The appointment of a governor of the bank raised serious doubts, and after his appointment, the riyal collapsed from 480 riyals to a dollar and reached 800 riyals.


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