Economic journalist: Mistakes of the monetary authorities in the legitimate government contributed to the collapse of the value of the national currency

A journalist specializing in economic affairs held the monetary authorities in the legitimate government partly responsible for the collapse of the national currency in the liberated governorates, during recent years.

Journalist Wafiq Saleh said in a post on the X platform that the monetary authorities in the legitimate government made mistakes in managing monetary and financial policy, which led to a shake in confidence in the local currency.

He added that these mistakes "encouraged increased speculation and demand for the purchase of foreign currency in the local market, for various purposes and not just for import."

The economic journalist pointed to other factors and causes that he said led to the collapse of the value of the Yemeni riyal in recent years, including "the decline in the volume of exports, the scarcity of foreign currency, and the absence of political stability."

Although the Central Bank of Yemen continues to hold public auctions to sell hard currencies to importers, this has not contributed to solving the problem of the collapse of the national currency.

The country is experiencing a difficult humanitarian and living crisis, with the collapse of the national currency, which has reached record levels against foreign currencies for several months, amid the government’s inability to develop economic solutions to stop this collapse and achieve economic stability.