Think- tank: STC’s control of Aden cripples Central Bank functions

Think- tank: STC’s control of Aden cripples Central Bank functions

Alsahwa Net- An economic report by a local think-tank said on Friday that the Central Bank of Yemen (CBY) is unable to function properly amid the ongoing seizure of the Aden city by the separatist Southern Transitional Council (STC).

The report which was released by the Sana’a Center for Strategic Studies, said that the viable choice for the government is to relocate the CBY Headquarters from Aden to Attaq of Shabwa or Sayoun of Hadhramout.  

However, the government has not planned the relocation yet.

It indicated that the STC gunmen closed the CBY office in Aden port and issued a decree forcing all the state institutions in the southern governorates to deposit revenues to the STC's account at the Al-Ahli Bank known also as the National Bank of Yemen instead of the CBY where revenues must legally go to.

The STC made the NBY another state parallel bank and set up overseeing committees similar to the Houthis-Supreme Revolutionary Committee the Houthis set up to seize control of the northern areas, the report said.

It indicated that the STC confiscated YR639 million from the customs fees at the Aden port and ordered management of the CBY to transfer YR4.5 billion to an exchange company to pay salaries of the STC militants.

The fracture in the public financial institutions and the government’s failure to maintain value of the national currency with the STC's takeover of some southern governorates has brought the economy into collapse.

It said that the CBY in Aden managed during the past two years to overcome several challenges using foreign cash deposit granted by Saudi Arabia.

 However, the Saudi deposit is to exhaust soon which will bring back the CBY’s struggle with the foreign cash reserves.

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