MPs urge Yemen President to overhaul Central Bank

2021-07-27 | Since 2 Month

The Central Bank of Yemen

ADEN (Debriefer)--Members of Parliament have called on the internationally recognised President Abdrabbuh Mansur Hadi to overhaul the Central Bank of Yemen and rationalise the public spending in order to control the sharp depreciation of the national currency.

The failure of the government to address the national issues, topped by the economic recovery, is exacerbating the suffering of thepeople, 14 MPs said in a letter sent to Hadi on Sunday.

The Yemeni rial is trading at around 1.000 per US dollar, down from 250 when the war started in 2014.

The MPs demanded to appoint a new and competent executive management of the Bank and commit the local governments in all provinces to deposit state revenues into the Bank.

Moreover, they urged Hadi to commit the government to reopen all oil and gas projects in order to resume oil and gas exports and reactivate all land, sea and air ports.

The oil revenues used to contribute more than 70% to the state budget before the war forced foreign oil and gas firms to shut down and leave the country.

In addition, the split of the Central Bank into two rival offices run by the internationally recognised government in the interim capital Aden and the Iran-allied Houthi group in Sanaa is deepening the rial's woes, economists say.

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