Houthi corruption . a leader suggests adding a zero to the coin

Instructions from leader Muhammad Ali al-Houthi, a member of the Politburo of the Houthi militia, to introduce changes in the value of coins sparked off among the Yemenis in widespread criticism on social media.

In a tweet on Twitter, the head of the so-called Supreme Revolutionary Committee of the Central Bank of Militia ordered the governor of the Central Bank of Sana’a to add a zero to each denomination to increase its value.

While economists viewed this trend as a clear counterfeit of the currency with the aim of manipulating people’s money.

While the Houthi leader justified his directives by opposing the severe cash shortage and the erosion of available cash, given the ongoing refusal of the militias to die To allow circulation of new editions of the currency.

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A few days ago die Houthi militia started to prepare for the so-called “electronic riyal” to take a new step in Direction to strike and fragmentation of the banking and monetary system in Yemen.

After the ports are closed, die die Governments of North Yemen associated with those under the control of the legitimate government in the south and had introduced a version of the currency die not allowing others in began to circulate in their control areas die Militias to prepare steps to achieve economic separation die Consolidate issuance of a new electronic currency!

The efforts of these militias came after commercial banks were forced to shut down the network between bank branches in Government areas and the central bank in Cut off aden.

The Yemeni Riyal (Archive - AFP)

The Yemeni Riyal (Archive – AFP)

Turbulence on the stock exchanges

A bank source in the capital, Sanaa, revealed last March that die Militias behind the turbulence in the currency market in Areas are die are under the control of the legitimate government, through currency speculation with their instruments and state funds, die were looted from public funds.

The source also stated at the time that the market for selling and trading currencies in the areas controlled by the Houthi fast is frozen and all banking operations from exchange offices and banks to provide foreign currency for food and fuel importers, in Aden, Hadramout, Marib. take place and the rest of the liberated cities.

Yemeni rial

Yemeni rial

It is noteworthy that die Capacity Assessment Project Organization whose reports are based on and with aid organizations and decision-makers in the West die United Nations organizations cooperate in a report found that die Actions by the Houthi militia die Financial flows related to money laundering and terrorist financing have expanded.

Reports confirm that die Militias launder money stolen from government funds, drug trafficking and secret Iranian financial aid through barter companies and real estate. The price of the dollar has die Exceeded 900 rials and the value of the riyal is roughly less than a quarter of what it was before the Houthi militia coup against the state in late 2014.

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