Money changers..the "black" legal market to punish the liberated areas
English - Saturday 25 December 2021 الساعة 08:25 am
Aden, NewsYemen, special:
The data on the exchange movement confirm that the Brotherhood’s legitimacy, which uses money-changers as a tool for profit, is the main cause of the collapse of the local currency, as the currency on the outskirts of the end of this year witnessed a clear fluctuation with the exchange reaching 973 Yemeni riyals against the dollar, and the Saudi riyal with the equivalent of 255 Yemeni riyals.
The unjustified rise and fall of the currency comes when no deposit has been injected, the state of revenues to the bank has not changed, and there is no new economic activity.
However, the Yemeni riyal regained 90% of its value, which was interpreted by observers that neither the printing of the currency nor the central revenues have an impact on the stability of the exchange rate, but rather all the speculations of the money changers.
Observers attributed to the fact that the low exchange rates revealed that the victim of the Brotherhood’s legitimacy manipulation of the exchange is the people of the south first, and then every region that does not fall under the control of the Houthis..
Observers considered the improvement in exchange rates to be an anesthetic after the southern society revolted against corruption and wealth looters, which began with the Hadrami donation to stop the transit of any wealth outside the governorate, which caused heavy losses to the Brotherhood’s mercenaries belonging to Mohsen al-Ahmar, coinciding with the explosive events of Shabwa and the preparation of the Shabwana riot on Saturday.
The spread of hundreds of exchange companies took over the demand and supply of currency, which exacerbated the effects of the depreciation of the exchange rate in an illusory way, so that the only beneficiaries were the exchange companies.
The economist, Majed Al-Daari, said, What we need today in Yemen to enhance the improvement of the local currency exchange is nothing more than lifting banking sanctions on bank remittances to restore the flow of remittances from expatriates that revive the Yemeni banking sector with millions of dollars flowing daily before the war as one of the most important sources of national income for hard currency and reserve support Country. Noting that depositing money with money changers is a suicidal adventure and an illegal act
He stressed that stopping the currency collapse catastrophe and supporting the national economy is the first priority for Yemen's urgent rescue needs. Without that, all options remain blocked and solutions are illusory, and achieving any declared goal of the coalition storm is impossible, as long as Al-Houthi strengthens economically and militarily and is attacking today with capabilities and armament capabilities that exceed the Legitimacy Army.
The financial accountant Osan Pasha explained in his tweet the speculative method of the money changers as follows: If you had 10,000 riyals, and you spent it when the exchange was 430 = 4,300,000 riyals, and today you transferred this amount to the Saudi at a price of 285 = 15,000 riyals You will have made a profit = 5,000 SAR, in less than 10 days.
So what about the money changers who work like the stock exchange for those who rise shares, they fall the second day in order to reap the profits.
The markets of the capital, Aden, witnessed a slight decline in the prices of some food commodities, which are not considered of great value in the face of the insane rise in their prices in the short term that accompanied the collapse.
Local sources, NewsYemen, reported that the sale of some goods in stores was frozen after its merchants refused to reduce their prices, coinciding with the decline in the exchange, while Hayel Saeed Anam companies reviewed the prices of some of their goods, which made the citizen incur the collapse tax even in times of recovery of the Yemeni riyal.
In its meeting on Tuesday, the Southern Transitional Council stressed the need for the new administration of the Central Bank to take urgent and deliberate measures to secure the stability of the currency, and to hold accountable all those who manipulated it at the expense of the citizen's livelihood.
He called for urgent and decisive measures to be taken to reduce the prices of basic materials and oil derivatives in coordination with the Chamber of Commerce and Industry and other government, regulatory and security agencies, to ensure price stability and true proportionality with the value of the currency, as well as regulating imports and directing the priority of spending hard currency to provide them, stressing the Council's readiness to support it with everything possible. To achieve this mission, which is in the interest of the citizen.
