The Minister of Information stated that the counterfeit Houthi currency is an economic crime threatening the national economy, necessitating both domestic and international action.
Houthi Counterfeit Currency Poses Economic Threat, Warns Yemeni Minister
Minister’s Warning on Counterfeit Currency
Yemeni Minister of Information, Culture, and Tourism, Muammar Al-Eryani, has issued a stark warning regarding the implications of counterfeit currency being circulated by the Iranian-backed Houthi militia. He emphasized that the introduction of fake 200-riyal notes constitutes an economic crime aimed at robbing citizens’ savings and undermining trust in the national currency. This act directly threatens the stability of Yemen’s economy.
Quality Concerns Raised by Citizens
In a recent press statement, Al-Eryani highlighted concerns raised by citizens in Houthi-controlled areas about the poor quality of the counterfeit currency. Reports indicate that the so-called “security strip” can be easily erased with a simple swipe of the hand. This evidence suggests that the currency circulating in the market is nothing more than “colored paper” printed using primitive methods, which holds no real value.
Organized Theft Targeting Citizens’ Savings
Al-Eryani further explained that the Houthi militia’s counterfeiting efforts are part of a systematic theft targeting citizens’ savings. He noted that hundreds of millions of dollars are transferred from Yemeni expatriates abroad, particularly from those residing in Saudi Arabia. Last year, these remittances reached approximately $3.2 billion, according to data from the Saudi Arabian Monetary Authority (SAMA). Additionally, funds from liberated provinces are also being funneled into Houthi-controlled areas.
Fraudulent Currency Exchange Practices
The minister pointed out that the Houthi militia not only confiscates the currency exchange differences from these remittances but also exchanges them for counterfeit notes for expatriates’ families within Yemen. These fake notes, printed in dark basements, lack any monetary backing or legal recognition, rendering them worthless. This practice represents one of the most dangerous forms of forgery and economic violation.
Urgent Call for Action
Al-Eryani reiterated his warning to citizens and business owners against using the counterfeit currency, which aims to further destabilize the economy and rob Yemenis in Houthi-controlled regions. He stressed that this constitutes a documented economic crime, adding to the Houthi record of undermining Yemen’s monetary sovereignty.
Potential Catastrophic Consequences
The minister warned that the continued circulation of these counterfeit notes poses catastrophic risks to the national economy and local currency. It could lead to the withdrawal of hard currency from the market, exacerbate liquidity crises, and increase the financial burdens on citizens. Furthermore, this situation represents a blatant violation of national sovereignty.
Call for Unified National Response
Al-Eryani called for a unified national stance and both official and public efforts, both domestically and internationally, to confront this economic crime and halt this farce. He urged the international community to include Houthi leaders and individuals involved in the printing and distribution of counterfeit currency on international sanctions lists. The Yemeni government is preparing a comprehensive legal file to document this crime, aiming to present it to relevant international authorities for necessary actions against the perpetrators.
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