The Central Bank rejects the militia’s announcement of a 50 riyal coin, deeming it a serious escalation and a continuation of economic warfare.

Central Bank of Yemen Rejects Houthi Currency Announcement

The Central Bank of Yemen, based in the temporary capital of Aden, has firmly rejected the announcement made by Houthi militias regarding the issuance of a counterfeit 50-riyal coin. This announcement originated from the Houthi-controlled branch of the Central Bank in the occupied capital, Sana’a.

Economic Warfare Against the Yemeni People

In a statement obtained by the Yemeni News Agency (Saba), the Central Bank condemned this destructive act as a continuation of the economic warfare waged by the Houthi militias against the Yemeni population. The bank emphasized that this move represents an ongoing effort to plunder the resources and savings of citizens to fund their illicit networks, all without any legal or monetary backing.

Warning to Citizens and Businesses

The Central Bank reiterated its warning to all citizens, bank branches, exchange companies, and businesses operating in Houthi-controlled areas. It cautioned against engaging with the counterfeit currency—both new and old—that the bank previously warned against. Engaging with this fraudulent currency could expose individuals and businesses to international sanctions. This is particularly concerning as it involves dealing with a currency issued by an illegitimate entity and engaging with a group classified as a global terrorist organization.

Violation of International Agreements

The bank characterized the Houthi’s actions as a serious escalation that undermines the July 23, 2024, announcement made by the international envoy, which received regional and international backing. The Central Bank noted that while the Yemeni government and the bank have adhered to all commitments outlined in the announcement, the Houthi militias have failed to comply with any of its terms from day one. This includes not reversing actions taken prior to the announcement and not adhering to the economic de-escalation measures specified.

Call for International Accountability

The Central Bank urged regional and international partners who supported the July 23 announcement to take responsibility and condemn this illegal and irresponsible escalation by the militias. It called for these partners to fulfill their commitments and obligations that accompany the announcement.

Responsibility for Consequences

The bank stated that the Houthi militia bears full responsibility for all consequences arising from this dangerous escalation and its unlawful practices. The Central Bank affirmed its constitutional duties and legal rights to protect the national currency, citizens’ savings, and the overall safety of the national economy through all available legal means.

Urgent Action for Financial Entities

The Central Bank of Yemen called on business leaders, banks, and exchange companies in Houthi-controlled areas to take immediate steps to protect their entities, capital, and investments. It emphasized the importance of safeguarding their remaining assets, especially after the militias have already looted financial networks under their control. This action aims to serve both public and private economic interests while helping to avoid falling under international sanctions.

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This article highlights the Central Bank of Yemen’s strong stance against the Houthi militias’ actions, emphasizing the ongoing economic challenges faced by the Yemeni people.

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