Economic experts warn against ban of newly -printed banknotes circulation

Economic experts warn against ban of newly -printed banknotes circulation

Alsahwa Net- A volunteer economic workforce has warned against consequences of the Houthis’ ban on circulation of the newly-printed banknotes on citizens and the national economy.

In a paper, the workforce said that the ban of the newly-printed cash notes circulation will result in bad economic, humanitarian and political consequences.

Members of the workforce that prepared the paper is composed of businessmen and economists who say that continuation of the ban means that the humanitarian situation and the economy will sustain serious risks.

The economy will keep shrining, citizens’ suffering will worsen, and the private sector will sustain great losses.

It said that dispute between the dual management of the Central Bank of Yemen (CBY) in Aden and Sana’a is to be partially blamed for the devaluation of the Yemeni national currency.

The internationally recognized government which is headed by President Abd Rabo Mansour Hadi moved in September 2016 headquarters of the CBY from the Houthis-held Sana’a to Aden which is the interim base of the legitimate government.

However, the Houthis rebels kept having their own managing body of the CBY’s headquarters in Sana’a.

This resulted into two conflicting banking policies and double decision making towards the banking sector in the country.

 It indicated that this issue can be resolved within a comprehensive political solution that Yemenis need to have soonest the best to reduce the humanitarian, social and political huge cost of the ongoing conflict.

It held the Houthis legal and ethical accountability to ban of the newly-printed banknotes circulation.

It added that reversal of the ban is a must since its continuation will impede the business activity and disrupt goods transportation and cash circulation among Yemeni governorate at time the Yemeni society lives worst levels of poverty and recession.

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