The central bank approves the provision of cash liquidity for the same amount of credit in banks in the Houthi and Legitimacy areas

The central bank approves the provision of cash liquidity for the same amount of credit in banks in the Houthi and Legitimacy areas


According to the Chamber of Commerce and Industry in Aden Governorate, the central bank of Yemen's leadership agreed to the "importers to supply cash liquidity for the value of their documentary credits in Yemeni riyal equally between the branches of importing banks under the control of the Houthis (not recognized) in Sana'a, and the government Legality in Aden.

In a press release, the Chamber of Commerce and Industry added that the governor of the central bank, Hafez Muaiad, informed the Chamber of his agreement, provided that the branches of the banks under the authority of the Houthis in Sana'a were allowed to hand over those amounts in the same areas, as opposed to the value of his bank remittances from international organizations. In foreign currency in coordination with the Yemeni central bank in Aden  ".

The statement said the requirement was to enable the central bank of Aden to expand the coverage of documentary credits, which would "undoubtedly benefit the Yemeni economy and improve the living conditions of the citizen."

The Chamber expressed its hope to reconcile the banking views of the Houthi Militia authority with the government authorities on the adoption of the central Bank of Yemen's proposals in Aden on the activation of the documentary credit, asking the international stakeholders to "bring the views between the parties to engage seriously in adopting And to strengthen this trend and urgently to avoid the potential disasters for the livelihood of citizens and the capabilities of importers behind them if the economy is not neutralized from the political conflict in the country  ".

"The Chamber of Commerce and industry in Aden" does not object to the principle of cash supply in the same sales areas and encourages not to demand the transfer of cash between the regions, which is in line with the demands of importers and the pressure of the Chamber of Commerce and Industry on the central bank of Aden on the acceptance of the supply Importers of the value of the documentary credits in the Yemeni riyal at the price of the preferential they approved by him in all the branches of the banks with which the importer deals, and not confined to the banks of the areas affiliated to the Legitimacy authority only  ".

The central bank of Yemen has already ensured that the needs of foreign currency importers are provided at the officially approved exchange rate, requiring merchants to supply the value of cash in Yemeni riyals, in commercial and Islamic banks in areas of legitimate government control.

The militias met with the government's actions, tightening control over the private and banking sector and preventing traders from transferring funds for the required appropriations from the Aden centres, which contributed to depriving many private sector traders in the areas under their jurisdiction of access to cash assistance provided by The recognized government, through which it aims to control the exchange rate of the national currency and to maintain its stability.

A meeting held last week, including the governor of the central bank Hafez Muaiad, the heads of commercial and Islamic banks, chambers of commerce and business leaders, was devoted to discussing alternative ways to open bank credits in Yemen in general, in order to prevent the Houthis from carrying out their threats to commercial banks in their areas of control.

The Houthi militia and the legitimate government have already exchanged accusations and threats, targeting the banking sector, the bank and major merchants.

The Economic Committee of the Government, “recognized” earlier this month, accused the militia of preventing the banks from exercising their functions or benefiting from the privileges and opportunities offered by the central Bank of Aden, as well as imprisoning the employees in the economic sector and their relatives.

According to the Economic Committee of the Houthis in Sana'a, government steps are targeting the sector, doubling the arbitrary and unjust restrictions on the importation of essential goods, and continuing to target the telecommunications sector, calling for a response in effective and disturbing ways to the government and its supporting coalition.

In earlier times, Houthi and government leaders and officials called for the neutralization of the economic dossier, the humanitarian crisis and the famine that hit Yemen, cooperation to maintain currency stability, and the disbursement of salaries of employees throughout Yemen.


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