Yemen: Forged Document Causes Losses for Yemenis and Protests in Front of Exchange Shops

Arab Sea Newspaper - News Updates

Arabian Sea - Yemen - Follow-ups: A forged document attributed to the Central Bank of Yemen in Aden caused confusion in the exchange markets in Aden and Mukalla, and led to significant financial losses for citizens who sold their foreign currency savings based on the fictitious prices it contained. The circulated document, at the end of last month, bearing the letterhead of the Central Bank and the governor's signature, had set the price of the Saudi riyal at 200 Yemeni riyals and the dollar at 830 riyals, prompting hundreds of citizens at the end of last August to go to exchange shops to get rid of their savings, before it later became clear that it was fake. The spread of the document sparked a wave of posts and videos on social media platforms, which contributed to misleading citizens by promoting an imminent decline in exchange rates. An investigation revealed that the document had been manipulated from a previous official version published by the Central Bank regarding the suspension of licenses of violating exchange establishments. Following the exposure of the matter, southern cities witnessed angry protests in front of some exchange shops, where those affected demanded the return of their money. Citizens confirmed that they had suffered heavy losses, with one losing the equivalent of 30,000 Saudi riyals after selling it at a low price. The Central Bank of Yemen in Aden issued a statement clarifying that the exchange rates remained stable at 425 riyals for buying and 428 riyals for selling for the Saudi riyal, confirming the inaccuracy of the circulated document. This incident comes amid a state of confusion in the Yemeni exchange markets, at a time when the relative improvement in the riyal's price has not been reflected in the prices of goods and services in a country facing one of the worst humanitarian and economic crises in the world.