Minister of Information: Houthi network involved in printing counterfeit currency and plundering Yemenis’ savings.

Houthi Militias Engage in Economic Crime by Counterfeiting Currency

Minister of Information Exposes Counterfeit Currency Scheme

The Minister of Information, Culture, and Tourism, Moammar Al-Eryani, has revealed a shocking economic crime committed by Houthi militias. These groups have engaged in the large-scale counterfeiting of the national currency, printing significant amounts of banknotes and coins without legal or monetary backing. The estimated revenue from this operation reaches 12 billion Yemeni riyals, which the militias have used to finance their war efforts and terrorist activities that threaten regional and international security.

Violation of Monetary Sovereignty

In a recent press statement, Al-Eryani emphasized that the Iranian-backed militias have violated the country’s monetary sovereignty. They issued counterfeit currency outside the framework of the Central Bank, blatantly disregarding national laws and international monetary standards. This action forms part of a systematic policy aimed at creating a parallel economy that supports their coup agenda.

Counterfeit Currency Production

The Houthi militias have resorted to printing 200-riyal banknotes and minting 50- and 100-riyal coins outside official channels. They conducted these operations without any approved banking procedures, using secret printing presses funded by both domestic and foreign sources, likely including the Iranian regime. This complex smuggling network supplies the necessary equipment and materials for the counterfeiting process.

Security Concerns Over Counterfeit Quality

Al-Eryani noted that the counterfeit currency lacks basic security features. Local reports and citizen testimonies confirm that the security strip on the 200-riyal notes can be removed with a simple hand swipe, highlighting the extent of the forgery and the poor quality of the counterfeit currency.

Economic Implications of Counterfeiting

The minister pointed out that the Houthi’s actions do not merely aim to cover liquidity shortages, as they claim. Instead, this initiative forms part of a dangerous economic strategy that allows the Houthis to control the money supply in their territories, plunder citizens’ savings, and fund their terrorist activities without any financial oversight or banking obligations.

Estimates of Counterfeit Distribution

According to economic estimates, the counterfeit notes distributed exceed 10 billion riyals in 200-riyal denominations (approximately $18 million), along with 1 billion riyals in 100-riyal coins (around $2 million) and another 1 billion in 50-riyal coins (also about $2 million). Al-Eryani indicated that the militia plans to release additional batches of 200-riyal notes every three months, potentially totaling 40 billion riyals annually (nearly $80 million), along with possible issuances of other denominations.

Consequences for the National Economy

Al-Eryani warned that these actions have led to a catastrophic economic situation characterized by a loss of trust in the national currency. Citizens have increasingly turned to foreign currencies, inflation rates have surged, markets have stagnated, and the banking sector in Houthi-controlled areas has become paralyzed. This situation has disrupted trade operations and undermined the role of the Central Bank of Yemen in Aden, creating a parallel monetary system that operates without any oversight or financial policy.

Accountability for Houthi Leaders

The minister held prominent Houthi leaders directly responsible for this economic crime, including Mahdi Al-Mashat, the head of the so-called “Supreme Political Council,” who legitimized the circulation of counterfeit currency. He also named Abdul Jabbar Al-Jurmouzi, who falsely claims the title of Minister of Finance and oversaw the issuance of the counterfeit currency, and Hashim Ismail, who impersonates the Governor of the Central Bank in Sana’a and is responsible for the printing operations.

A Serious Economic Crime

Al-Eryani stressed that the Houthi militias’ decision to print counterfeit currency without monetary backing represents an economic crime as serious as war crimes and crimes against humanity. This action reflects a shocking disregard for the interests of citizens and the national economy.

Conclusion: The Threat of Parallel Economies

In closing, Al-Eryani stated that the issue of currency counterfeiting highlights one of the most dangerous tools of the “parallel economy” established by the Houthi militias to finance their cross-border terrorist agenda. He emphasized that this counterfeit currency has become an economic weapon in the hands of these insurgent groups, aiming to destroy state institutions and plunder the wealth of the Yemeni people.

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