Yemen’s Houthi rebels and its internationally recognized government are locked in a fight for control of the country’s banks that experts warn is threatening to further wreck an economy already crippled by nearly a decade of war. The rivalry over the banks is throwing Yemen’s financial system into deeper turmoil.
People shop in a supermarket in Sanaa , Yemen , before the Eid holiday on Saturday, June 15, 2024. People shop in a supermarket in Sanaa , Yemen , before the Eid holiday on Saturday, June 15, 2024. People shop in a supermarket in Sanaa , Yemen , before the Eid holiday on Saturday, June 15, 2024. People visit a livestock market in Sanaa , Yemen , before the Eid holiday on Saturday, June 15, 2024. People shop in a supermarket in Sanaa , Yemen , before the Eid holiday on Saturday, June 15, 2024.
For weeks, Yemenis in Houthi-controlled areas have been unable to pull their money out of bank savings accounts, reportedly because the Houthi-run central bank, based in the capital, Sanaa, has stopped providing liquidity to commercial and government banks. Protests have broken out in front of some banks, dispersed by security forces.
The internationally recognized government moved the central bank to Aden in 2016, and since then began issuing new banknotes to replace worn-out riyals. Houthi authorities, which set up their own central bank in Sanaa, banned the use of the new money in areas under their control. In response, the Aden-based central bank gave banks 60 days to relocate their headquarters to the southern city and stop operating under Houthi policies, or else risk facing sanctions related to money laundering and anti-terrorism laws.
When the deadline ran out last week, the central bank in Aden banned dealing with six banks headquartered in Sanaa, meaning currency exchange offices, money transfer agencies and banks in the south could no longer work with them.headquartered in Aden. That means people in Houthi-controlled areas can’t deposit or withdraw funds through those banks or receive wire transfers made through them.
Since March, depositors in Houthi-run areas have been unable to pull money out of their accounts. The central bank in Sanaa hasn’t announced any formal restrictions, but several economists told The Associated Press that it has informally stopped releasing funds that individual banks have put in its coffers — in part because of a lack of liquidity.
Financial Services Sanaa General News I Houthis Business Religion World News F Yemen Government
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Missile splashes into the Red Sea, causing no damage in latest suspected Yemen Houthi rebel attackA missile has splashed down in the waters of the Red Sea, but caused no damage to a passing commercial vessel in an attack likely carried out by Yemen’s Houthi rebels.
Read more »
Missile splashes into the Red Sea, causing no damage in latest suspected Yemen Houthi rebel attackA missile has splashed down in the waters of the Red Sea, but caused no damage to a passing commercial vessel in an attack likely carried out by Yemen’s Houthi rebels.
Read more »
Missile splashes into the Red Sea in latest suspected Yemen Houthi rebel attackA missile has splashed down in the waters of the Red Sea, but caused no damage to a passing commercial vessel in an attack likely carried out by Yemen’s Houthi rebels
Read more »
US and Britain strike Houthi rebel targets in Yemen after surge in shipping attacksAmerican officials say the U.S. and Britain have struck 13 Houthi targets in several locations in Yemen in response to a recent surge in attacks by the Iran-backed militia group on ships in the Red Sea and Gulf of Aden
Read more »
US and Britain strike Houthi rebel targets in Yemen after surge in shipping attacksAmerican officials say the U.S. and Britain have struck 13 Houthi targets in several locations in Yemen in response to a recent surge in attacks by the Iran-backed militia group on ships in the Red Sea and Gulf of Aden.
Read more »
US and Britain strike Houthi rebel targets in Yemen after surge in shipping attacksAmerican officials say the U.S. and Britain have struck 13 Houthi targets in several locations in Yemen in response to a recent surge in attacks by the Iran-backed militia group on ships in the Red Sea and Gulf of Aden.
Read more »