Yemen Monitor / Newsroom:
The Central Bank of Yemen (CBY) has accused “government entities” of hindering the utilization of important sovereign resources that contributed to providing a minimum level of services. It also stated that available resources have not been handled in a way that meets the challenges and addresses obligations according to their importance and priorities.
In a statement issued after an extraordinary meeting of its Board of Directors, the CBY called on the Presidential Leadership Council and the government to stop any illegal practices affecting the collection of resources.
The bank demanded that the Presidential Council and the government provide the necessary support to the bank, enabling it to carry out its duties with full professionalism and independence.
It also called on the Leadership Council and the government to take the necessary measures to restore the operation of sovereign revenue facilities in a way that serves the public interest, improves the living standards of citizens, and provides the minimum level of services, which have reached their worst state.
The CBY stressed the need to activate all agencies and institutions and address the bottlenecks that have worsened in the context of the near-complete absence of officials.
In its statement, the Central Bank said, “We have repeatedly warned of the serious consequences and ominous repercussions of the Houthi attacks and proposed many necessary treatments to mitigate the effects and avoid the crisis of paying for salaries and services. Unfortunately, we did not receive an appropriate response from the concerned government agencies. Instead, the utilization of important sovereign resources that contributed to providing the minimum level of services was disrupted.”
The bank stressed that “available resources have not been handled in a way that keeps pace with the challenges and addresses the obligations according to their importance and priorities.”
The bank’s statement comes amid the collapse of the local currency in the liberated areas and its decline against foreign currencies, recording its lowest level in its history with the continued monetary division.
