CBY governor: Houthis, Coronavirus to worsen the economic crisis

CBY governor: Houthis, Coronavirus to worsen the economic crisis

Alsahwa Net- Governor of the Central Bank of Yemen (CBY), Ahmed Al-Fadhli said on Wednesday that the spread of the coronavirus and continuation of the Houthis’ insurgency will deepen failure of Yemeni economy.

In a phone conversation with the London-based Asharq Al-Awsat daily Newspaper, Al-Fadhli said that the drop of the global oil price will bring major negative impacts on the Yemeni economy.

He said that the budget of 2021 will be the worst in history of Yemen if existing conditions did not change in the next few months.

Oil revenues represent the sole source of income for the legitimate government.

Yet, slump of the oil price has imbalanced resources and spending.

At present, the oil extraction cost equals the sale value in the global markets, according to Al-Fadhli.

The International Monetary Fund (IMF) has postponed outstanding debt installments on Yemen for six months despite Yemen’s request for a two-year extension, he said.

He indicated that the Houthis’ ban of circulation of the newly printed notes in Sana’a, had aggravated devaluation of the national currency in Aden.

The action led to the emergence of two different exchange prices for the Yemeni Rial (YR), one in the government-held areas and the other in Houthis-controlled territory.  

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