The Prime Minister meets with central bank leadership to review interventions aimed at stabilizing exchange rates.

On Wednesday, Prime Minister Dr. Ahmed Awad bin Mubarak convened a crucial meeting in the temporary capital of Aden with the leadership of the Central Bank of Yemen. The primary focus of the meeting was to review recent interventions aimed at stabilizing the national currency’s exchange rates and to discuss necessary measures to restore normalcy, curb speculation, and hold accountable those manipulating the market.

Comprehensive Overview of Monetary Conditions

During the meeting held at the Central Bank’s headquarters, the Prime Minister received a detailed briefing from the Deputy Governor, various officials, and sector heads. They provided insights into the current monetary landscape, including liquidity indicators, money supply, price levels, foreign reserves, and public finance developments. The officials also discussed recent urgent measures taken to mitigate currency speculation, which have led to a relative decrease in volatility, and outlined steps to further strengthen these efforts.

Strategic Economic Policies Approved

The meeting resulted in the approval of several measures and interventions related to monetary and fiscal policies. These initiatives aim to achieve stability in currency exchange rates, regulate prices, and restore balance within the macroeconomic framework.

Commitment to Economic Stability

Prime Minister bin Mubarak reiterated the government’s commitment to enhancing the integration of financial and monetary policies. He emphasized that such integration is crucial for achieving economic stability and alleviating the living conditions of citizens. He affirmed the government’s support for the Central Bank’s operations and its independence under existing laws and regulations.

Addressing Currency Decline as a National Priority

Dr. Ahmed Awad bin Mubarak stressed that the recent unexplained decline in the national currency’s value should be treated as a critical issue, parallel in importance to the ongoing military efforts to restore the state and end the coup. He noted, “Financial and monetary assessments indicate that the recent drop in exchange rates, particularly in the last two days, is neither justified nor logical. It does not align with the size of the circulating money supply, suggesting that this is not a random occurrence but rather part of a calculated scheme that we must collectively confront.”

Collaborative Responsibility for Economic Recovery

The Prime Minister emphasized that the responsibility for addressing this economic challenge is shared. He called for collaborative efforts between the government and the Central Bank to put an end to the disruptions affecting citizens’ livelihoods, noting that the public can no longer bear additional economic burdens.

Key Officials in Attendance

The meeting included the participation of several key officials, such as Minister of Oil and Minerals Dr. Saeed Al-Shamasi, Deputy Minister of Finance Hani Wahab, Deputy Minister of Industry and Trade Salem Salman, and Prime Minister’s Advisor Ambassador Mujib Othman.

This proactive approach by the Yemeni government and the Central Bank aims to restore confidence in the national currency and improve the economic situation for citizens, highlighting the importance of stability in these challenging times.

 

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