Brokers smuggling currency, dollars and Saudi riyals from Aden to Sanaa
English - Sunday 12 January 2020 الساعة 04:49 pm
aden,newsyemen
The manager of a bank in Aden said that brokers are active in collecting the local currency from the old edition, from Aden, and smuggling them to Sana'a, and they are exchanging banknotes from the new edition in dollars and Saudi riyals, which caused the foreign exchange rate to rise.
The source, who requested not to be named, added that during the past days large amounts of money have been smuggled from Aden to the Houthi-controlled areas, collected by brokers working to smuggle the new currency from the Houthi-controlled areas to Aden, and replace them with the old currency.
He added, the currency of the new version is replaced by the old version, from the cashiers, banks and commercial shops, stressing that banks and cashiers took out their old banknotes that were stored - damaged - and replaced them with brokers collecting old banknotes.
The banking official said that brokers, citizens and merchants in the city of Aden are exchanging their money from the new edition in dollars and Saudi riyals, who travel to the Houthi-controlled areas, which caused an increase in demand for foreign currencies, and an increase in their value against the local currency during the present time.
The banking official expected that the value of the riyal will continue to decrease in the coming days in the city of Aden, with the high demand for the dollar and the Saudi riyal, as citizens and merchants convert their money into dollars and travel to the Houthi regions, and send them through financial transfer networks.
The Houthis recently prevented people from using the newly printed currency considered them null and illegal, and asked them to exchange their currencies for old banknotes, or with a virtual "e-rial".
And lost the local currency in recent weeks 8% of its value against foreign currencies - the US dollar - in the city of Aden, where the price of the dollar on Saturday night 645 riyals for sale, a difference of 57 riyals from its price in Sanaa 588 riyals.
The price of the Saudi riyal reached 169.5 riyals in Aden yesterday, compared to 154.3 in Sanaa, recording 15.2 riyals, the difference in the value of the local currency, the riyal, between Sana'a and Aden.
Malion criticized the legitimate government that stands by in front of the violent economic war waged by the Houthis towards the macroeconomics, the economy of the citizens, and the decisions of the local authority in Marib that made it easier for the Houthis to spend the money they looted from the citizens, and to keep their monetary block from the old banknotes.
The local authorities in Marib, which is subject to Islah Party, "the branch of the Muslim Brotherhood in Yemen," and the authorities of Al-Bari port, have taken measures to prevent the oil and gas company from selling gas and fuel to the Houthis except in the new currency, in addition to imposing them on merchants to pay customs and tax at the outlet of boxes with new papers.
