The Yemeni Central Bank” warns against dealing with any counterfeit currency that may be issued from Sanaa
Yemen Monitor/News Room
The Central Bank of Yemen, headquartered in Aden, has warned all citizens, financial institutions, banks, and commercial sectors against handling or accepting counterfeit currency that the Central Bank branch in Sanaa intends to circulate illegally.
This warning came during a meeting of the bank’s board of directors held yesterday in its headquarters in the temporary capital of Aden, chaired by the bank’s governor “Ahmed Galal” according to the official Yemeni news agency.
The meeting emphasized that replacing counterfeit currency with legal currency is an illegal act carried out by an unauthorized entity, complicating citizens’ transactions and undermining efforts to maintain existing exchanges of goods and services between different provinces.
It was noted that such actions aim to escalate and complicate matters, confirming that the Central Bank will exercise its legal right by taking all necessary measures to protect the national currency, citizens’ savings, the banking system, and economic activity from the destructive effects of any irresponsible actions.
It was clarified that resolving the liquidity crisis and replacing damaged currency lies in lifting the ban on the circulation of the national currency in its various denominations and prints in various provinces of the republic. The Central Bank will carry out its legal responsibilities in replacing any damaged currency, regardless of its size or location, and disposing of it according to the legal mechanisms.
The bank pointed out that any financial institution or bank that accepts dealing with any illegal means of cash will be subject to strict measures by the Central Bank that will affect their legal status and operations at both local and international levels.
Banking sources had previously mentioned the Houthis’ intention to print new banknotes as a replacement for the old, damaged cash in areas under their control.
The northern areas of Yemen under Houthi control are facing a severe cash crisis due to circulating damaged and outdated cash notes. The Houthis have refused to allow the entry of new currency prints from government-controlled areas internationally recognized.
Banking sources stated that the Houthis are seeking a solution to the problem by printing local currency for circulation in their controlled areas by introducing devices that together form currency printing factories in Sanaa.
These Houthi movements come shortly after an initiative taken by the Yemeni Central Bank in Aden to correct the economic course and maintain the value of the riyal in government-controlled areas.
The Central Bank in Aden decided to suspend several private banks and exchange shops in various provinces under the control of the internationally recognized government. It also decided to unify the course of cash transfers and cease transfers to Houthi-controlled areas through several banks and exchange shops and companies.
