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The National Team For Foreign Outreach - Yemen

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bank yemen

ECONOMIC SITUATION – January 2022

  1. With the advent of the New Year 2022 and the ongoing military war on Yemen, which enters its eighth year, the salary crisis continues to severely increase as the salaries of more than 1.2 million public service employees have been interrupted since the transfer of CBY operations from the capital, Sana’a, to the governorate of Aden in August 2016. As a result, the situation has worsened and the humanitarian catastrophe has exacerbated, while unemployment rates rose and job opportunities decreased.
  2. The fierce economic war goes hand-in-hand with the military war on Yemen. The warplanes of the Saudi-led Coalition launched intensive raids on Afar Customs Port in Al-Sawadiya district of Al-Bayda governorate in central Yemen, inflicting extensive material damages and human losses, especially on the tankers loaded with foodstuffs and goods, which were parking at the port to complete customs procedures. This port was established in mid-2019 and has been used since that time as a customs yard; the United Nations knows well that it is used for purely civil purposes serving Yemeni society in its various categories.
  3. Due to the wrong and irresponsible policies imposed by the Bank of Aden, the foreign exchange rates against the Yemeni riyal recorded an increase during the transactions of January 2022 in the southern governorates occupied by Saudi Arabia and the UAE, as the US dollar rate reached 1100 YR. On the contrary, the Yemeni Riyal maintained a state of stability in the areas ruled by the National Salvation Government in Sana’a, as the dollar rate has not exceeded the limits of 600 YR against the US dollar.
  4. In a dangerous precedent aiming at isolating Yemen from the external world, the warplanes of the Saudi-led Coalition targeted the telecommunications building in the city of Hodeidah, where the International Internet Gateway is located, which is the main portal of internet connection in Yemen. This led to the interruption of internet service in all Yemeni governorates, causing the cessation of remittances from abroad, which is the main lifeline for many Yemenis, due to the interruption of communication with international money exchange companies, bank correspondence and transactions with the international financial sector, and loss of communication and correspondence among people. This clearly shows the huge humanitarian problems resulting from cutting-off the Internet service.
  5. The global internet watchdog net-blocks estimated that the material losses for the total outage of internet service in Yemen amount to nearly 4 million dollars per day.
  6. Yemen Petroleum Company (YPC) in Sana’a confirms that the US-Saudi-Emirati Coalition of War continued to detain a gas ship and (8) oil tankers with a total tonnage of (198,655) tons of gasoline and diesel for varying periods of more than five months, (164) days of piracy. Those ships were detained despite having completed all the examination and inspection procedures through the UNVIM mechanism in Djibouti and having obtained the UN pass permits. This has exacerbated the humanitarian, health and service situations, and doubled the amounts of demurrage fees amounting to 4 million and 500 thousand dollars, causing rise in prices and collapse of basic services.
  7. The International Crisis Report indicated that imports through the port of Hodeidah decreased over the course of 2021, with the continued blockade imposed by the Saudi-led Coalition on imports. The report showed that Hodeidah represented 8% of Yemen’s imports of fuel in the first ten months of last year, with a sharp decline compared to previous years. In contrast, Aden acquired more than 60% of the total fuel entering Yemen. The so-called Hadi government reaped more than 100 billion riyals from fuel fees in the first six months of 2021.
  8. The countries of the Saudi-led Coalition continue to directly target economic facilities and services in order to maximize the human suffering of the Yemeni people. This can be confirmed in the following table:

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