WB: Houthis’ ban of new banknotes aggravates economic crisis

WB: Houthis’ ban of new banknotes aggravates economic crisis

Alsahwa Net- The World Bank (WB) said that the Houthis ban on the use of new banknotes has aggravated the economic woes in Yemen.

In its October’s report, the bank said that the fiscal impairments resulted from the divided management of the Central Bank of Yemen (CBY) and the conflicting decisions has worsened the economic crisis.

Economic horizons for the Yemen’s economy remain blurry at least for the rest of 2020 and the next period, according to the WB.

The Houthis’ CBY in Sana’a has been banning the use of new banknotes printed by the by the Aden-based legitimate government.

This has created two different fiscal economies within the same country ravaged by grinding war.

Yet, the gradual improvement of the world oil prices can reduce the pressures on the public treasury in the government-held areas, the WB said.

The ongoing fighting caused by the Houthis’ coup has increased the poverty rate and drove millions to the famine edge.

80 percent of the population depends on humanitarian aids to survive, according to the United Nations (UN) report.

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