Saba News Agency reported that the Supreme Economic Council, at its meeting today headed by Prime Minister and Chairman of the Council Dr. Moeen Abdulmalik, adopted a package of measures to support monetary and fiscal policy, foremost of which is preventing the deterioration of the national currency and avoiding the risks of economic collapse, and the international support required to support the government’s efforts in this aspect.
The Supreme Economic Council, in its meeting via video call, today, reviewed a report on the level of implementation of Cabinet Resolution No. 7 of 2021 AD regarding moving the customs dollar exchange rate, submitted by the Head of the Customs Authority, which touched upon what has been taken in this aspect and the positives of the decision to increase The level of public revenues, and the lack of impact on citizens, especially since basic commodities are already exempt from customs duties… stressing that the implementation of the decision will not entail any burdens on the consumer, because it primarily targets luxury goods.
The Supreme Economic Council indicated that the basic commodities exempted from customs duties, which are wheat, rice, infant formula and medicines, in addition to flour and oil, will not be affected at all by this decision.. Pointing out that the decision to move the customs dollar exchange rate will not affect the basic livelihood of citizens, but the cash return as a result of this The decision will provide the public finances with revenues that will contribute to stopping the deterioration of the national currency, improving public services and the regularity of disbursing the salaries of state employees.
And according to the official agency, the Council affirmed its support for the procedures for implementing the decision to move the customs dollar exchange rate, and not to grant any exceptions or exemptions, and to standardize procedures in all ports, and what this requires of integration and coordination with the local authorities in this aspect. Exploiting the decision to impose any unjustified price increases on the prices of basic commodities exempt from customs duties and not covered by the decision.
The Prime Minister directed the ministries and the competent authorities to take effective control measures to ensure that the decision to move the customs dollar exchange rate is not exploited to raise prices, especially on basic commodities exempt from customs duties, stressing the unification of procedures for implementing the decision for luxury goods in all ports and not allowing any exceptions or exemptions. And the necessity of the discipline of the concerned local authorities in implementing the decision.
The Prime Minister conveyed to the members of the Council the directives of the President of the Republic during his presiding over the meeting of the National Defense Council in the economic, financial and monetary aspects, and the importance of translating these directives from the ministries and the competent authorities into policies and executive plans that would have their effects on the lives and lives of citizens… Reiterating the work in accordance with a clear coordination and integration mechanism and transparent among all concerned agencies, and placing the interests of citizens at the top of the priorities for executive work in various aspects.
The Deputy Governor of the Central Bank of Yemen, Shakib Hubeishi, briefed the council with a report on the measures taken during the past period to address the deterioration of the national currency, its causes, and the existing imbalances and mechanisms for addressing them.
He referred to the measures that have been taken towards the violating exchange companies and the understandings with commercial and Islamic banks to transfer their financial centers to the temporary capital, Aden, and what these measures can achieve in terms of controlling the monetary situation.. Pointing to the mechanisms of dealing with the systematic destructive policies taken by the Houthi coup militia to undermine Monetary policy and hit the national economy and currency speculation.
The Deputy Governor of the Central Bank of Yemen touched on the continuation of the audit and review work by an international company for the bank’s business as part of the ongoing reforms to develop the bank’s business and enhance confidence with the donor community.
The meeting approved holding an extraordinary session of the Supreme Economic Council, during which the Central Bank of Yemen presents a comprehensive report on all the measures it has taken in monetary policy and related to its various works, and the governmental role that can be played to support the activation of monetary policy tools.
Dr. Moeen Abdul-Malik stressed the importance of adopting transparency in everything related to monetary and financial policy, clarifying many things that public opinion is ignorant of, and making more efforts to activate monetary policy tools. The importance of the battle to restore the state and end the Iranian-backed Houthi coup.
The Prime Minister affirmed that the government will take all necessary measures and measures to put an end to the deterioration of the national currency in cooperation with Yemen’s partners from donor countries and organizations, foremost of which are the countries of the Coalition to Support Legitimacy led by the sisterly Kingdom of Saudi Arabia.. Pointing out that this coincides with other important steps in correcting the course of the economy. At the forefront of which is the drying up of sources of corruption and taking measures with regard to rationalizing spending, improving revenues, and strengthening the principle of transparency and accountability.