Ministry of Finance: printing of currency is a tool in the economic war

Undersecretary of the Ministry of Finance Ahmed Hajar asserted, Sunday, that the pro-aggression government uses monetary authority as a tool in the economic war.

Hajar remarks came during a panel discussion organized by the Yemeni Center for Political and Strategic Studies and the Economic Media Center, entitled “Preventing the Illegal Currency Circulation: Decision of Necessity to Stave Off the Risks of the Economic Crash.”

Ahmed Hajar stressed that the huge printing of the national currency aimed mainly at accelerating the pace of the economic meltdown.

He explained that printing the currency raised the ratio of money of the total money supply to 60% in the past year with the aim of speculating in foreign exchange and raising its prices.

He indicated that most of the foreign exchange that is transferred by the pro-aggression government is smuggled abroad through speculation in the printed and illegal currency.

Hajar stressed that the pro-aggression government has sent the printed currency to circulation for certain goals like; covering corruption scandals, money laundering for mercenaries and traitors, legalizing the Central Bank in Aden and allowing the aggression countries once again to destroy the Yemeni economy.

For his part, former Minister of Legal Affairs, member of the Shura Council, Dr. Abdulrahman Al-Mukhtar, stated that the implementing constitution referred the regulation of the national monetary currency in terms of issuance, circulation and exchange rate with other currencies to the law.

Al-Mukhtar noted that the actions of the pro-aggression government are not legal, as they are issued by an authority that does not have a constitutional mandate and does not have the authority to transfer the functions of the central bank.

He stressed the necessity for the bank’s powers stipulated in the bank’s law to remain in its headquarters in the capital, Sana’a.

Al-Mukhtar assured that the Central Bank of Yemen in Sana’a has the full right to take all the measures stipulated in the law that would provide protection for the national currency.

SH.A.