Yemen replaces the governor of the central bank, his deputy in the event of an accident | Banks News

Yemen is divided between the world-renowned government in the south, aided by the Saudi-led military alliance, and the Houthi-linked Houthi group that controls most of the north. Each side has a large bank with opposing points.

Yemeni President Abd-Rabbu Mansour Hadi replaced the central bank governor and deputy prime minister on Monday when the financial collapse was unprecedented.

The Yemeni state news agency SABA, citing a presidential decree, stated that Ahmed bin Ahmed Ghaleb Al-Maabqi had been appointed governor of the central bank, with Muhammad Omar Banaja as his deputy.

The war-torn Yemen is seeing a sharp decline in the value of its riyal currency, drawing 1,700 to the US dollar, the lowest, on the black market on Monday, according to traders and exchange offices. The central bank holds a legal deposit of 530 riyals in dollars.

Yemen is divided between the world-renowned government in the south, aided by the Saudi-led military alliance, and the Houthi-linked Houthi group that controls most of the north. Each side has a large bank with opposing points.

Aden’s largest bank in the south, which has access to the global financial markets, has made significant changes in printing new currency to meet government shortcomings and to pay for government services, especially for security forces and the military.

This has led to a rise in prices and criticism of the Houthi-controlled north, where increasingly riyal currencies are approved.