Yemen finds a solution in new Banking system for economic crisis

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Yemen YemenAmid the ongoing economic crisis in the country due to years of civil war, Yemen has decided to tackle the issue by introducing a new Central Bank for the nation. This is in line with the recent administrative shuffle done by the president. President Abdrabu Mansur Had has done reshuffling of many of the ministers as well some of the administrative structure for the nation’s Central Bank and also appointed a new governor for the role.

The president had a discussion with the rest of the leaders and the officials from the Southern Transitional Council after which he confirmed the changes which were made in the official banking system. He officially announced the steps on Monday.

Ahmad Al Mabaki, 65, is the new governor of the Central Bank of Yemen’s board. Other than him, even the deputy has been changed for the bank with Economist and professor Mohammed Banajah taking over the spot and also made three other changes.

An expert in the matter, Majid Al Daeri, appreciated the decision saying that the new governor is known for his vast areas of experience in the field. “He is widely known as a banking specialist, so I am optimistic about him. He might be able to come up with urgent solutions to stop the unprecedented collapse of the local currency.”

It is important to address the situation in which Yemen is in currency as not only is it witnessing the worst humanitarian crisis in over three decades but also experiencing one of the worst economic meltdowns. This has been going on since 2015 when the Houthi conflict gripped the country.

The way Yemeni currency fell down, it had a major impact on the already struggling livelihood of the Yemenis. They were left on the streets with nothing to eat. Even the basic commodities are a far fetched thought for them as there is nothing left in the foreign currency reserve.

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