Terrifying Warning from WFP, Dollar Approaching 1200 YR
World Food Program predicted on Tuesday, a terrifying scenario awaiting Yemenis, with the return of the local currency collapse, especially in the areas of “legitimacy” ..This comes at a time when the Central Bank in Aden is trying to contain the escalating deterioration with a policy that appears to be the most unsuccessful so far.
The program indicated in a series of tweets on its official page on social networking sites that the continued collapse of the currency is pushing more towards “extreme poverty.” He pointed out that about 11 million people will have to depend on food aid in the coming days.
The statements of the program, which announced earlier the suspension of the quotas of millions in Yemen, come on the eve of recording a new collapse in local currency, in the areas of “legitimacy”, with the exchange rates of the dollar exceeding the barrier of 1150 riyals, for the first time since the change of the Central Bank management about two months ago.
The new rise came before the Central Bank in Aden put up a new auction of about $20 million for sale, in the largest operation since the beginning of currency speculation, in an attempt to contain the accelerating demand for it in the local market.
The bank’s attempts are failing, although it comes among other options, most notably the closure of wholesale exchange companies, amid the continuing accusations for leaders in the “legitimacy” by currency trading, with the bank’s failure to re-disburse salaries through the central bank and transfer them to exchange companies, in addition to the refusal of local authorities in the oil provinces to supply revenues to Aden.