"Hail Saeed" Group Warns Against Imposing Pricing Without Real Guarantees of Exchange Rate Stability

Arabian Sea Newspaper - Special

Arabian Sea - Yemen - Special: The Hael Saeed Anam Group and its partners said on Saturday that imposing new prices for goods in the governorates affiliated with the Yemeni government, without considering the actual costs of manufacturers and importers who have committed to buying hard currency at high prices, will lead to "serious supply disruptions and widespread bankruptcy that includes all manufacturers and importers." Hael Saeed Group, the largest commercial group in Yemen, warned in a statement of the repercussions of what it described as ill-considered measures related to imposing new pricing for goods without real guarantees of exchange rate stability or coordination with the concerned authorities. The statement stressed that price stability requires the government and the central bank to commit to providing hard currency at current market prices, otherwise the private sector will not be able to bear the burdens and costs, which threatens widespread financial collapses and a subsequent rise in prices, the biggest loser of which will be the ordinary citizen. The commercial group explained that it is currently working on repricing its products in a way that achieves the interest of the consumer, maintains market stability and the availability of goods, and supports the national economy and enhances food security. The statement called on official bodies to take gradual and well-considered solutions that are compatible with the economic reality, and not to be drawn into incitement campaigns, stressing its support for any well-considered measures that ensure the continued flow of food and maintain the macroeconomic stability of the country.