NYN | News 

In a bold move to protect the national economy and strengthen the stability of the local currency in the face of economic warfare and foreign restrictions, the Central Bank in Sana’a announced the commencement of an important decision to destroy large quantities of damaged currency that had been weighing down the cash market.

The Central Bank has begun the process of destroying over 13 billion Yemeni rials in damaged 100 rial banknotes, marking the last currency destruction operation conducted by the bank back in 2016.

According to banking sources, the decision to destroy such large amounts of damaged currency sends a clear message both domestically and internationally that Sana’a is determined to protect the Yemeni rial from any attempts to weaken it or destabilize its value, especially amid the recent economic escalation and the sanctions imposed on the Yemeni economy.

The sources confirmed that the Central Bank’s move is part of defensive economic measures aimed at stabilizing the Yemeni rial against foreign currencies. This follows the Coalition’s countries launching an aggressive financial war, which included printing large amounts of unbacked currency and attempting to destabilize the domestic cash market, as evidenced by the collapsed situation in the southern governorates.

Economists pointed out that the serious handling of the damaged currency crisis will help absorb part of the excessive money supply, positively affecting the value of the rial, at a time when the Coalition forces continue to use economic pressure against the Yemeni people.

Economic experts believe that continuing such steps, along with other measures to control the black market and facilitate official transactions, will effectively help shield the national economy from challenges, especially sanctions and the financial blockade imposed on Sana’a as part of the broader war against Yemen.