NYN | News
A senior official in Yemen’s internationally recognized government confirmed on Wednesday that the Central Bank in Aden is now unable to pay government employee salaries due to a depletion of cash reserves and the absence of financial resources.
The official, who requested anonymity, stated that the crisis has reached a “critical stage” that threatens to spark widespread public unrest, amid a historic collapse in the value of the national currency, skyrocketing prices of food and fuel, and the continued lack of basic services in provinces under the control of the recognized government.
Observers say the major shock lies in the fact that the internationally recognized Yemeni government had printed more than 3 trillion Yemeni riyals in new currency in Russia over recent years—the latest batch in 2021—without any noticeable impact on improving living conditions or supporting monetary stability.
They explained that the depletion of such a massive amount of funds points to unprecedented financial corruption in Yemen’s modern history. The disappearance of this liquidity without any reflection on salaries or the broader economy raises serious questions about the performance of the government and the Central Bank in Aden.
While the government continues to blame the crisis on external factors, many local activists argue that corruption has reached unprecedented levels, citing reports of currency speculation, capital smuggling abroad, and the capture of public revenues by powerful actors without oversight or accountability.
Against this deeply troubling backdrop, one pressing question remains unanswered for ordinary citizens: Where did the trillions that were printed go? And why is the government unable to meet even its most basic obligations?
