SANA'A June 28. 2024 (Saba) - To complement the conspiracy of financial division initiated by the US-Saudi aggression coalition and its mercenaries by transferring the functions of the Central Bank to Aden at the end of 2016, the Mercenary Government Bank in Aden took escalatory steps targeting commercial banks and legal currency.
While the Yemeni people were looking forward to further rapprochement to resolve the economic file, the Bank of Aden deliberately escalated the economic war on the people and undermined all efforts over the past period to end the crisis of financial division, leading to solutions to re-export oil and gas and end the suffering of Yemenis resulting from the suspension of salary payments.
It is no longer a secret that the Bank of Aden's recent actions against commercial banks and the national legal currency are linked to US pressure against Sana'a against the background of its position in support of the brotherly Palestinian people in light of the Zionist-American aggression and siege they are subjected to.
Economists confirm that the justification on which Bank of Aden claimed to take these measures, represented by the US decision to designate Ansar Allah, has no basis in Yemeni law, which does not allow Bank of Aden to impose any pressure on commercial banks to move their headquarters from the political capital of the country to another governorate, whatever the justifications.
According to observers, these arbitrary decisions of this bank, created by the countries of aggression, came in coordination with the US embassy, and were implemented in partnership with the US Agency for Development, which acquires many sectors of the Bank of Aden, and has become a partner in taking all decisions and procedures issued by it.
They pointed out that the US embassy is the one who exerts pressure on banks and banks operating in the free governorates, through the US Agency for Development, which manages the technical aspect and most of the policies in the Bank of Aden, as it is the one who took over the tasks of modernizing the systems and worked to structure the bank's sectors, and became a key partner in managing monetary and financial policies with the mercenary government under agreements between the two parties.
The commercial and Islamic banks, which were targeted by the Bank of Aden with its blatant decision, confirmed during the meetings held during the last period with the World Bank and the International Monetary Fund in the Jordanian capital, Amman, their bias on the side of their interests and depositors and responded convincingly to the request of the Bank of Aden to transfer their headquarters, that they cannot turn into a tool for conflict and harm to the country and the Yemeni people.
However, Bank of Aden, which has so far failed to convince the bank's branches in Marib and other occupied governorates to link with it and supply to its accounts, resorted to using a US decision to blackmail major Yemeni commercial banks in implementation of foreign agendas at the expense of the national interest and the banking sector.
In this regard, the Association of Yemeni Banks denounced the provocative and escalatory measures taken by the bank in Aden, represented in canceling the sale of printed currency before 2016, as well as stopping dealing with a number of banks, describing these decisions as provocative and irresponsible escalatory measures.
The association stressed that these decisions and escalatory measures would cause serious complications that will not only harm and negatively affect the banking sector alone, but will extend to affect all units of economic activity throughout the country, and harm the living life of the citizen.
Apart from the flimsy justifications given by the Bank of Aden for taking such decisions, the data on the economic reality confirm beyond any doubt that these decisions and the subsequent steps and procedures will have negative effects on the country's economy and the entire financial and banking system, including the Bank of Aden itself.
Accordingly, the Association of Banks confirmed that these decisions will have no return other than causing more rift and doubling the financial division in the structure of the monetary authority, paralyzing its effectiveness, weakening its regulatory and supervisory role, and its inability to manage monetary policy, while persistence and insistence on implementing these ill-considered decisions will only lead to more financial burdens that burden the banking sector and exacerbate the suffering of the people in all governorates as a result of the collapse of the financial system and National currency.
Regarding the decision of the Bank of Aden to cancel the legal tender that was printed before 2016, which comes in the context of mercenaries' attempts to deepen the monetary divide, it will not, according to observers, have any repercussions or effects on the economic situation in the free governorates as much as it will have adverse results on the occupied governorates.
In light of the above, it was expected that the Central Bank of Yemen in Sana'a would play its role in dealing appropriately with the decision of the Bank of Aden regarding the national currency, which actually happened, as only one day passed until the bank adopted a deliberate measure that would block the way for mercenary efforts to rob citizens' savings from the legal tender issued before 2016.
In a statement issued by the bank, the bank pledged to compensate citizens in the occupied governorates who possess sums of money from legal tender, appropriate compensation to ensure the preservation of their rights and savings that Bank of Aden is trying to loot through its announcement issued on May 30, 2024.
It stressed that based on the constitutional, legal and national responsibility, it will compensate the amounts of legal tender currently circulating in the occupied governorates with the corresponding real values in the illegal currency circulating in those governorates and according to the prevailing prices every day according to a clear mechanism.
In the context of reactions to these provocative decisions, economists expressed disappointment at this unjustified escalation by the so-called Central Bank of Aden, which would end all hopes of achieving any economic rapprochement in the coming period.
At the same time, they stressed that the Central Bank of Yemen, represented by its headquarters in Sana'a, cannot allow the mercenary government and its affiliated bank to export its economic crises to free governorates, to satisfy the American, who seeks by all means to impose collective punishment on the Yemeni people.
On the effectiveness of these decisions, economic experts confirmed that they are doomed to failure, just as all the decisions of this corrupt government and its incapable bank have failed over the past years, citing the failure of Bank of Aden's procedures to monopolize the banking market in a unified remittance network that was established with technical support from the US Agency for Development about two years ago.
According to experts, the mercenaries of the aggression aspire through these measures to control all foreign remittances to allow them to control the most important sources of national income from hard currencies, most notably remittances of expatriates, which will not be achieved no matter how much you try to intimidate commercial and Islamic banks, as they have already failed more than once in this aspect.
Despite the passage of three days since the issuance of the decision of the Bank of Aden on the national currency, through which it sought to cause panic among the citizen and push them to hand over all their savings of these banknotes, this decision did not receive any attention or response from citizens as a result of their lack of confidence in the Bank of Aden and the random decisions issued by it aimed at taking revenge on the country's currency and economy and bringing it to complete collapse.
The so-called Bank of Aden is facing a suffocating liquidity crisis that pushes it from time to time to speculate in foreign currency through a series of public auctions to sell its dollar reserves at the highest price, causing the value of the illegal currency against foreign currencies to decline to unprecedented levels, recently reaching 1730 riyals per dollar.
Over the past years, the Bank of Aden has printed more than five trillion riyals of illegal and counterfeit currency, but it quickly lost all that huge monetary mass and was unable to recover it despite using many means, including other internal debt instruments such as government bonds during the past year, which did not receive any demand from banks and companies due to the high risk ratio.
Despite all the challenges faced by the Bank of Aden in light of the failure of all its monetary policies, it continues to disburse millions of dollars in monthly salaries to senior officials of the mercenary government, coinciding with the continuation of the centers of power loyal to the countries of aggression to share revenues, and refuse to supply or even deal with the so-called Central Bank of Aden, including oil and gas revenues.
The mercenary government and its bank still reject Sana'a's initiative to resume the export of crude oil in exchange for the payment of employees' salaries from its revenues, which will contribute to controlling sovereign revenues as the most important sources of income from hard currencies and thus stopping the terrible collapse of the currency and creating a kind of trust between Sana'a and Aden that may lead to radical consensuses in the economic file.
The coalition of aggression began its economic war on the Yemeni people with a war on currency, after it failed in the military field, where America took over the movement and management of this war, starting with planning to transfer the bank's functions to the occupied governorate of Aden, and the threat of the US ambassador to the national delegation in the Kuwait negotiations to make the Yemeni currency not equal to the value of the ink with which it is printed, if the terms of aggression are not accepted, which is what actually happened when America paid mercenaries to print that large amount of illegal currency with the aim of Bring it to total collapse.
Thanks to the decisions and measures taken by the Central Bank in Sana'a to confront this conspiracy by preventing the circulation of illegal and counterfeit currency in the free governorates, the results of these retaliatory decisions were limited to the occupied governorates and brought them into deadly living and service crises that continue to worsen day by day.
The leadership in Sana'a realizes that America and Saudi Arabia are responsible for the economic escalation, whether previous or last, because the mercenary government does not have any political and economic decision in the occupied governorates, and this is what it proved during previous rounds of negotiations when the mercenary government could not agree to any step before Riyadh agreed, and therefore its role was limited to implementing the directives it receives from the Saudi capital.
Therefore, the Central Bank of Yemen held the Saudi regime responsible for the economic escalation and targeting the banking sector in implementation of American and British directives, against the background of Yemen's humanitarian position pressing to stop the genocide war in Gaza, stressing that this escalation targets the Yemeni economy and Yemenis throughout the Republic, and that its effects will harm the Yemeni people in the occupied territories more, pledging to work in all ways to prevent this from happening.
E.M
resource : Saba
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