Houthis destroy two billion riyals.

Arabian Sea Newspaper - Follow-ups

Arabian Sea - Yemen - Follow-ups: The Central Bank of Yemen in Sana'a, which is under the control of the Houthis, announced the start of the first phase of destroying banknotes from the first issue of the 200 riyal denomination, which have become untradeable according to approved standards, with a value of (2) billion riyals. The Central Bank explained in a statement issued this evening that the start of the implementation of this phase coincides with the bank's introduction of the second issue of banknotes of the same denomination, in accordance with its plans related to restoring and addressing the monetary system, preserving the purchasing power of the national currency, and enhancing confidence in it and the quality of the currency in circulation, based on its legal powers in formulating and implementing monetary policy and managing liquidity, and its role in protecting the national economy. It confirmed that the destruction process is carried out based on approved instructions and procedures, and in accordance with modern environmental and security standards, through the use of mechanical shredding technology for banknotes and converting them into small pieces in the form of molds to ensure their safe disposal and non-reuse. The Central Bank urged citizens and financial and non-financial institutions to exchange any damaged banknotes of 250 riyals and below through the exchange centers in the bank and its branches in the governorates, stressing the importance of preserving the national currency for a strong and sustainable monetary system.