A collapse in Aden and escape with deposits from Marib… A financial chaos precedes the collapse of the Central Bank

Financial chaos spread across areas under the control of the Ma’een government in southern and eastern Yemen, amid indications of the imminent collapse of the Central Bank in Aden and the failure of external efforts to support it.

Exclusive – Al-Khabar Al-Yemeni:

In the city of Aden, the temporary capital, media sources revealed the bankruptcy of more currency exchange companies. The “Crater Sky” website, which is based in the city, reported that banking sources confirmed that the “Al-Asra” company is preparing to officially declare its bankruptcy.

Al-Asra is among the scores of businesses that have failed recently as a result of the Central Bank of Aden’s policies. It is the second company to announce its bankruptcy in less than two months, according to sources in Aden.

The collapse of the new business coincides with allegations in Marib that the proprietors of currency exchange businesses have moved their money abroad, which has caused panic among depositors who fear that their cash will be stolen.

This financial chaos coincides with the inability of major government financial institutions to pay salaries, most notably the post office in Aden, which signals an escalation of concerns among currency exchange dealers about the developments of the financial crisis that the Ma’een government is going through. This financial chaos also occurs just a few days after new threats from the Aden Central Bank regarding bank accounts held by currency exchange companies. It warns of a collapse of the local currency there as the dollar approaches the 1400-riyal exchange rate amid reports of the failure of Al-Alimi’s efforts to obtain Saudi-Emirati support.

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