ADEN, Yemen, Yemen’s Prime Minister, Ahmed Obeid bin Daghr, pleaded with the Saudi-led coalition, to save the economy from collapse, as the Yemeni riyal continues to depreciate against foreign currencies.

The PM, based in Aden, said in a press statement that, his impoverished Arab country is in a pressing need for urgent economic support, from the neighbouring Gulf countries.

He also urged a quick intervention from the Saudi-led coalition, to salvage the Yemeni national currency from entire collapse, offering his resignation, if this would sort out the problem.

“If there are real mutual bilateral relations between our countries, support Yemen economically, and save the currency from a complete collapse,” bin Daghr said, in his statement.

In recent days, the value of Yemen’s currency declined sharply with one U.S. dollar being equivalent to 500 rials, from 335 rials before floating the currency in Aug, and from 215 rials, before war broke out in 2014.

Economists expect the dollar to soar to more than 500 rials in the first half of 2018, due to the civil war, and the helpless role of the government, leading to a dramatic exacerbating of the ongoing humanitarian crisis.

Yemen’s President, Abdu-Rabbu Mansour Hadi, announced, his key ally, Saudi Arabia, had agreed to deposit two billion dollars, into Yemen’s central bank, to stabilise the national currency from further deterioration.

However, officials at the Yemeni Central Bank confirmed that they haven’t received the promised funds.

In 2016, Hadi issued a presidential decree and moved the central bank from the Houthi-controlled capital, Sanaa, to the southern port city of Aden, where the internationally-backed government is currently based.

Following Hadi’s decision a sharp liquidity crisis plagued the banking and finance sectors in Yemen.

 

Source: NAM NEWS NETWORK

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