Yemen’s currency wars

Issue 1105 - 19 Jun 2020
Pro-Southern Transitional Council (STC) forces seized a shipment of YR64bn ($256m)-worth of newly printed bank notes en route to the Central Bank of Yemen (CBY) in Aden on 13 June, threatening a new currency crisis. While some media outlets called it a ‘bank heist’, the secessionist’s Supreme Economic Committee (SEC) claimed the move was aimed at curbing corruption and funding for terrorist elements. The SEC said the new bills were printed without sufficient deposits to prevent a collapse of the Yemeni rial.

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