Yemen Central Bank Rejects Houthi-Issued 50-Riyal Coin as “Destructive Act”
By: TPA News Desk | editor@thepointafricanews.com Yemen’s internationally recognized central bank, based in Aden, has strongly rejected the Houthi group’s introduction of a newly minted 50-riyal coin, denouncing the move as a “destructive act” that threatens the nation’s already fractured monetary system. The Houthi-controlled central bank in Sanaa announced on Saturday that the new metal […]
Yemen’s internationally recognized central bank, based in Aden, has strongly rejected the Houthi group’s introduction of a newly minted 50-riyal coin, denouncing the move as a “destructive act” that threatens the nation’s already fractured monetary system.
The Houthi-controlled central bank in Sanaa announced on Saturday that the new metal coin would enter circulation starting Sunday. According to the Houthi-run bank, the minting of the coin is intended to address the problem of damaged banknotes and enhance the quality of the national currency in areas under their control.
However, the Central Bank of Yemen (Aden) issued a forceful statement on Sunday condemning the move. The bank referred to the Houthis’ action as “reckless” and warned that it constitutes a continuation of the “economic war” against the Yemeni people.
The conflict has resulted in two separate monetary systems operating in the war-torn country. The Aden-based central bank warned citizens, businesses, and financial institutions in Houthi-controlled areas against using the new coin, cautioning that dealing with unauthorized currency issued by an “illegitimate entity” could lead to international sanctions.
This latest development deepens the monetary divide between the rival authorities and further complicates efforts to stabilize Yemen’s economy.
