• العربية
  • Deutsch
  • Français

The National Team For Foreign Outreach - Yemen

  • العربية
  • Deutsch
  • Français

ECONOMIC SITUATION – September 2021

  1. The salary crisis, for nearly 1.2 million public sector employees, has been going on since August 2016. This has led to continuous deterioration in the economic situation of the majority of Yemenis in all governorates, resulting in an unprecedented humanitarian disaster.
  2. Sana’a Central Bank (CBY) expressed great resentment to the Bank of England’s decision to release assets frozen by the Republic of Yemen since 2016, totaling around 82 million GBP, and for granting the authority of the funds’ disposal to the Central Bank in Aden. CBY stated that the frozen funds in the Bank of England are part of the reserve balances of banks operating in Yemen, and that Bank of England must abide by international and banking laws and standards. Thus, CBY reserves the right to sue any financial institution that allows any party to use the assets of the Republic of Yemen.
  3. During the month of September, foreign exchange rates showed a rapid increase against the Yemeni riyal in the southern Yemeni regions occupied by Saudi Arabia and the UAE, as the US dollar rate crossed the barrier of 1200 Yemeni riyals, while the Saudi riyal goes beyond 320 Yemeni riyals. On the contrary, the Yemeni Riyal maintained a state of stability in the area 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. All southern Yemeni governorates under the Saudi-Emirati occupation have witnessed escalating protests, denouncing the economic deterioration and the collapse of the local currency value. Most of the shops, banks and bakeries were closed, and the exchange and transfer networks were suspended.
  5. Yemen Petroleum Company (YPC) in Sana’a asserted that the ships currently detained by the Saudi-US-led coalition incur demurrage fees of 10 million dollars, equal to 5 times the value of the fuel provided in aid through WFP on the ship “Nyala.” Such demurrage fees are expected to increase. YPC also confirmed that the ship “GT Freedom” has been detained by the coalition for 275 days, with demurrage fees amounting to 5.5 million dollars (3.3 billion Yemeni riyals), i.e. 40% of the value of its loaded fuel.

« 2 of 4 »
Play Video

Statistics

Close