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Cabinet sets forth measures to stop Riyal depreciation
[05/09/2018 10:47]

The Cabinet has set forth a set of measures to stop the depreciation of the national currency, days after the Riyal made a new plummet to 600 versus the US dollar down from 550 a month ago.

In a meeting with the country's Economic Committee in Aden on Tuesday, the Cabinet decided to rehabilitate and reinforce the fleet of the national airline, Yemenia, to facilitate the return of Yemeni businessmen back to the country, vitalize the revenue-generating institutions and projects including the oil and gas exportation projects, revitalize the work of the national committee for clampdown on money laundering, cut spending on Yemen's diplomatic missions, end speculation with local currency, use the World Bank facilities for covering the finance of some imports, and use all political and military means to force the Houthi militia to transfer the revenues under their control to the country's central bank.

The Cabinet noted the Houthi militia has imposed a de facto governance in some parts of Yemen, without paying the salaries of civil servicemen in those areas.

The Chairman of the Economic Committee Hafedh Miayad affirmed that the tackling measures will only be effective by coordination between the government and the Saudi-led Arab Coalition to subject all the country's imports to the financial and banking regulations that will soon be approved.

He said that his committee will work toward limiting speculation with the local currency and restoring the markets sense of assurance lost due to the dramatic devaluation of the Riyal.

The Cabinet also discussed the preparations for peace talks between the government and the rebels in Geneva expected to start in September 6.

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