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Presidential Leadership Council confirms its full support for the CBY's decisions
[31/05/2024 02:38]
The Presidential Leadership Council (PLC) held today, Friday, an extraordinary meeting via video conference technology, presided over by His Excellency President Dar. Rashad al-Almi, the Chairman of the PLC with the presence of its all members Aidarous al-Zubaidi, Sultan al-Arada, Tariq Saleh, Abdulrahman al-Mahrami, Dr. Abdullah al-Alim, Othman Mujalli and Faraj al-Bahsani.

The session aimed to discuss the developments of the economic, living conditions and services situation, first of all the fluctuations of national currency exchanges, electricity supplies, the required measures to achieve the economic stability, basic services and alleviate the humanitarian suffering that has been further worsened by Iran-backed Houthi militias' terrorist attacks on the oil facilities and international shipping lanes.

The PLC has reiterated the government's commitment to deliver on its obligations toward the fellow citizens, including regular salary pays for the government's employees, improve public revenues and going forward on the comprehensive financial, administrative and economic reforms that have been backed by brothers and friends.

In this context, the PLC has confirmed its full support for the decisions of the Central Bank of Yemen (CBY), the measures it has taken and its policies aiming to protect the banking system, eliminate monetary distortions, bring inflation and national currency under control, adopting governance principles, boost monitoring over the banks and external banking operations, respond to the disclosure criteria and comply with the requirements of controlling money laundering and terrorism finances.

The PLC has reaffirmed that the PLC's and government's decisions and actions, including the recent economic decisions come within a more inclusive strategy aims to enhance the state presence and its legitimate institutions to achieve Yemeni people's interests all over the country.

The PLC stated that it has been very keen since its creation to provide the CBY with the required political support amid our national battle against the Houthi militias' arbitrary measures in order to enable the CBY's management to exercise its mandates per the CBY's Law and its independency.

The meeting noted that the political leadership of the state and the government have been keen throughout the previous years to keep the banking system acting neutrally, not to be influenced by the crisis created by the putschist militias, but the militias have misunderstood this responsible behavior by the official government, went far by endorsing destructive practices seriously damaged the national economy and banking system, further exacerbated the humanitarian suffering, undermined the chances for the financial and monetary stability, weaken the trust in the national currency, issuing a false currency in a failed attempt to share the state's legal position, which is the red line that never can be allowed to be stepped over.

The PLC praised the CBY's report about the arbitrary and destructive practices and measures the Houthi militias have exercised against the banking and financial system, taking the advantage that the majority of the banks' headquarters are located in the city of Sana'a.

The terrorist militias' violations per the CBY's report included over 20 arbitrary measures among of which getting the banks' and financial institutions'' operation very complicated, restricting their banking businesses, prevent dealing with the new versions of the banknotes, taking control over large portion of the banks' amounts of money and using the money to finance its war.

The PLC stated that the CBY's decision about ordering the banks to relocate their head offices in the temporary capital Aden was an imperative option amid the grave threats and violations of the rules of the banking system's action and the serious economic and humanitarian repercussions of those violations.

The PLC greatly appreciated the international position and understanding about the CBY's recent decisions and the state's institutions as they are the main guarantor for the people's scarce livelihood and income.

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