Overnight, and without any practical warning, foreign currency exchange rates fell against the local currency in the occupied Yemeni territories. This issue raised many questions among the commercial sector and citizens alike: What happened to cause this sudden change? Can we trust this sudden reversal in exchange rates? If exchange rates recorded such a rapid decline during just four days, why have they skyrocketed nine years ago? This has caused suffering that has left citizens unable to secure the minimum requirements for food and drink, and even the basic necessities of life, to the point where they are alraedy on the verge of starvation!
However, these questions and others remain unanswered so far, creating a wave of conflicts due to the conflicting interests created by the unjustified decline in foreign currency prices in the occupied territories. The improvement in exchange rates has turned into a complex economic equation for which the mercenary government has yet to provide a clear explanation. This has become a problem affecting all segments of society, from large companies to professionals and small business owners.
Economic experts point out that the decline in hard currency prices in the occupied Yemeni territories is an illusory decline, based on political reasons unrelated to economic factors. What is happening now is nothing more than an economic bubble that could burst at any moment, leading to a more serious setback than the situation in those areas previously. Economic laws require a cover for the amount of currency printed by the mercenary government, estimated at five trillion three hundred billion riyals, but this cover has not been provided for the local currency to be registered in the occupied territories. The current price decline raises questions about the extent of the manipulation of currency exchange rates in the occupied Yemeni territories. How did this manipulation cause indescribable suffering for the people of Yemen in the occupied areas? These are legitimate questions that, taken together, lead to the prosecution of those responsible for what the citizens have been subjected to, and to the right of the affected people to receive compensation for their suffering, which occurred for absurd reasons, not as a result of circumstances out of their hands. This is evidenced by the improvement in the local currency in these areas. Unjustified rises and falls in value are a cause for suspicion and mistrust, as expressed by the country's largest commercial sector companies, including companies affiliated with the mercenary government, such as the oil and gas companies.
Everything is suspicious
On July 8, the Central Bank in Aden announced that it had fixed the exchange rate of the US dollar at 2,707 riyals, as part of the results of its last weekly auction to sell hard currency to traders. However, nearly forty days after the last auction, the situation turned upside down, with currency exchange rates declining. After the US dollar was poised to surpass the 3,000 riyal barrier in the occupied territories of Yemen, exchange rates began to fall in an unjustified manner, causing confusion in commercial and economic circles. This led many to believe that the falling exchange rates were not the result of an internal decision, and that international entities were behind the sudden scene.
However, the closure of sixty exchange offices in the occupied territories is not considered—from the perspective of economic experts—a sufficient reason for this sudden difference. There are 249 licensed exchange facilities in those areas, and it is impossible to believe—under any circumstances—that sixty exchange offices were the cause of a nearly halving of the currency exchange rate. If that were the case, would the closure of all exchange offices mean that the value of one riyal would rise to one dollar? However, what is happening is much more serious than that, and it is occurring for political reasons.
US Dirty Game
On August 12, Saif al-Muthanna, Executive Director of the Washington Institute for Policy Studies and Advocacy Officer in the US Congress, revealed on his Twitter account that the United States is exerting pressure on the commercial sector in Yemen. He added that Washington has threatened to impose sanctions on Yemeni companies within 90 days to compel them to comply by reducing commodity prices and abandoning any concerns or reservations regarding the unjustified decline in currency prices in the occupied territories of Yemen.
After a tug-of-war, during which the commercial sector had considerable logic, private sector companies were forced to issue reduced price lists for their goods, fearing US sanctions.
But what prompted Washington to change its policies toward Yemen, which included waging economic warfare and starvation to humiliate the Yemeni people?
Observers believe that the United States, by creating an economic bubble in the occupied Yemeni territories, is attempting to gain as much support as possible as part of its preparations to mobilize the internal front against Sana'a. This comes after US failed in its airstrike campaigns targeting Yemen in the battle to support Gaza. After Washington suffered a setback and declared its inability to stop Yemeni attacks on the Israeli enemy and open the sea routes to the ports of the Zionist enemy that Yemen had closed, American political circles began adopting other ideas to bolster military options against Yemen. The most recent of these were statements by US State Department spokesman Matthew Miller, in which he said that the United States is currently working to incite "ordinary" Yemenis against what he described as the "Houthis," relying on other methods in light of the failure of military options to deal with Sana'a.
It appears that the American rush to take revenge on Yemen has led Washington to fall into a series of contradictions that expose the reality of American control over the economic situation in the occupied Yemeni territories and the resulting suffering of the people of Yemen, if Washington can bring about this recovery of the local currency, why didn't it do so ten years ago? Leaving poverty and corruption to ravage the body of an exhausted people, some consider the rapid improvement in exchange rates to be evidence of the US-led occupation coalition against Yemen, which calls for resentment against US and its allies rather than gratitude. This reinforces the Yemeni people's support for Sana'a's continued support for Gaza, and confirms that the declining exchange rate is nothing more than a new maneuver to sway public opinion in favor of the American-Israeli enemy. The aggression coalition will quickly abandon this maneuver if it achieves its goal of supporting the Zionist enemy in its war of comprehensive extermination against the people of Gaza, before the occupation coalition in Yemen returns to its basic strategy of starving and humiliating the Yemeni people.
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