Protests against collapse of Yemen's currency resume in Aden

ADEN (Debriefer)
2018-09-03 | Since 4 Year

President Hadi meets with government leaders

التقرير بالعربية:

Protests against the collapse of the national currency and deteriorating living conditions and basic services resumed in Yemen's city of Aden on Sunday night, coinciding with a meeting by the internationally recognised government that approved immediate measures to address the economic crisis.

At the meeting in the Saudi capital Riyadh where the government has been residing, President Abdrabbuh Mansur Hadi ordered the newly formed economic committee to focus on two things, to increase revenues and send them all to the Central Bank, and to provide visions for rationalising spending and activating the public funds control bodies.

Moreover, Hadi ordered to resume oil exports from all oilfields in the provinces of Marib, Hadramout and Shabwa and to raise salaries of the civil service.

Angry demonstrators closed roads, burned tires on the streets of the district of Al-Mansourah, Aden, in protest against the currency crisis which has pushed the prices of all commodities to unprecedented levels.

On Sunday morning, protests and partial civil disobedience were staged in Aden, Lahj, Dhale and Shabwa cities in the south. They were called by the coordination council of the south workers' syndicates.

The Yemeni rial has fallen to a record low against major currencies.  It is trading at 610 to the US dollar, down from 560 last week, 485 in July and 215 before the breakout of the war in 2014.

It has continued to fall this year even after Saudi Arabia said it was depositing $2 billion into the Central Bank of Yemen to stabilise it.

Experts said continued issuance of new banknotes without strict measures on the exchange market and for increasing revenues has largely contributed to the crisis.

Meantime, people said they will escalate their protests and that they will march on the government's headquarters on Monday.

There have been calls on social media on all people to participate in the Monday's protest.

Amid all this mess, the internationally recognised government of president Hadi and the Houthi government are continuing to trade accusations over the economic crisis.

Meanwhile, adviser to President Hadi, Yaseen Makkawi, on Sunday put forward a three-step proposal to address the crisis. 

The first is to put all support from the member states of an Arab coalition backing the government, including salaries and donations, to the Central Bank, Makkawi wrote in a letter to Hadi, Saudi king Salman and Saudi crown prince Mohammed bin Salman, Makkawi. 

 The second step is to from a coordination council between financial authorities in the coalition states and the Central Bank of Yemen. And the third step is to eradicate corruption within the civil and military institutions, fire all corrupt officials and establish a supervisory mechanism to stop unreasonable waste of state revenues.  

The Saudi-led coalition has been fighting the Houthis since March 2015 in support of Hadi's government.

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