Yemen Monitor/Newsroom
Mohamed Omar Banajah, Deputy Governor of the Yemeni Central Bank in Aden, launched on Wednesday the process of shredding local banknotes that are no longer fit for circulation.
The Yemeni Central Bank stated in a press release that “the damaged paper currency, of all denominations, has been shredded, and it is planned to shred worn-out banknotes of all denominations according to a specific schedule.”
According to the bank’s statement, “This process of shredding banknotes that are no longer fit for circulation is the first of its kind since the decision to move the Central Bank from Sana’a, which is under Houthi control, to the temporary capital Aden in 2016, after introducing a new automated system.”
This step comes within the efforts of the Yemeni Central Bank to maintain the safety of the financial and monetary system, protect the national currency, and enhance its stability, according to the statement.
It is worth noting that this process is the first at the level of all of Yemen, including Houthi-controlled areas, where the armed group monopolizes old paper currency, most of which has become unfit for circulation, and refuses to deal with the new Yemeni currency, considering it issued by the internationally recognized Yemeni government.
