NYN | News
In an unprecedented escalation, the Central Bank of Yemen revealed that there are government entities behind the paralysis of utilizing vital sovereign resources that once formed the lifeline for providing basic services to citizens, amid catastrophic living conditions caused by the collapse of the local currency.
The shocking revelations came in an emergency statement issued after an exceptional meeting of the bank’s board of directors, which held the government and the Presidential Leadership Council responsible, accusing them of obstructing the use of sovereign resources, which are the only ones capable of saving the collapsed services. The statement further criticized their negligence in handling available resources without prioritizing or addressing the scale of challenges, and for overlooking illegal practices that drain public revenue collection.
In its statement, the Central Bank demanded an immediate halt to any collection operations outside the legal framework, as well as full support for the bank to enable it to operate with neutrality and professionalism. It also called for the urgent reactivation of revenue-generating facilities to save the collapsed economy and the activation of government agencies to address the bottlenecks exacerbated by the absence of officials.
The statement also revealed repeated warnings issued by the bank earlier regarding the catastrophic risks posed by Houthi (Ansar Allah) attacks on the economy, along with proposals for immediate solutions to avoid the collapse of salaries and services. However, according to the statement, government entities did not respond and instead contributed to worsening the crisis by paralyzing sovereign resources.
While the bank attempted to appease the government by partially attributing the problem to the Houthis (Ansar Allah) and the war crisis, the Central Bank’s statement appears to have revealed that the greatest enemy of the Yemeni citizen is institutional failure and the lack of political will by the Presidential Council to save what remains of the economy.
The statement comes amid a historic collapse of the Yemeni riyal in areas under the internationally recognized government, with the US dollar exchange rate exceeding 2300 riyals and the Saudi riyal falling to 610 riyals.
