STC threatens replacement of YR with foreign currency

STC threatens replacement of YR with foreign currency

Alsahwa Net- Chief of the United Arab Emirates (UAE) –backed Southern Transitional Council (STC), Aidaroos Al-Zabeedi, threatened using a foreign currency in place of the Yemeni Rial (YR).

The STC is an armed separation group based in Aden, south Yemen and this threatening against the YR coincides with circulation ban of the newly-printed banknotes of the national currency in the country’s north by the Houthis rebels.

Al-Zabeedi voiced his threats in a press interview with the Agence-France-Presse (AFP) where he indicated that the transition from the national currency use to the use of the Saudi Riyal or the US dollar might begin in few months in south Yemen.

The Yemeni banking sector is divided at present by two dual conflicting management of the Central Bank of Yemen (CBY), one in the Houthis-controlled Sana’a and the other is in Aden, an interim base of the internationally recognized government led by President Abd Rabo Mansour Hadi.

Yet, the government has been unable to exercise its job following the armed rebellion by the STC in Aden and other nearby governorates early last August.

The STC and the government signed on 5 November 2019 a government-share deal known as the Al-Riyadh agreement in an attempt to end the rebellion in Aden and restore the government.

However, Al-Zabeedi said that the economic deterioration might fail implementation of Al-Riyadh agreement though his STC forces are still in control of Aden and other key governorates in the south. 

This defiance by the STC is combined by military escalation against implementation of the Al-Riyadh agreement where its affiliated forces moved heavy weapons from Aden to Al-Dhala’ and Yafa’.

This coincides with filed visits by joint Saudi-Yemeni committees to the STC military camps in Aden to count weapons and personnel resources.

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