For many decades, Yemeni oil exports represented an important source of economic income for Yemen, but with the worsening of conflict in the country and the consequences of the civil war, oil exports were greatly affected. In 2015, Yemeni oil exports stopped almost entirely due to ongoing attacks on oil facilities.
This situation has had dire effects on the Yemeni economy, as the decline in oil revenues has led to a sharp decline in the country’s development capacity, increased unemployment and worsened poverty and homelessness. The lack of strong currency in the country caused a sharp decline in the purchasing power of citizens and inflation in prices.
Despite multiple international interventions to mitigate the effects of this crisis, the deterioration of economic conditions remains a bitter reality for the Yemeni people.
In an attempt to deal with this crisis, the Central Bank of Yemen is taking several measures
The Central Bank of Yemen, as an important financial institution in the country, plays an important role in managing financial and monetary conditions.
The bank adopted stimulus policies to support fragile economic sectors and mitigate the negative effects of the cessation of oil exports.
The measures taken by the Central Bank of Yemen include simplifying and improving cash exchange operations, distributing hard currency and providing facilities and loans to small and medium-sized companies affected by the cessation of oil exports.
The bank is also strengthening international cooperation and looking for alternative funding sources to help the Yemeni economy.
The efforts of the Central Bank of Yemen and the monetary policies approved by the Governor of the Bank, Al-Maqabaqi, despite the great challenges, are widely praised by the international community, because countries and international institutions recognize the importance of strengthening the Yemeni economy. and providing financial and monetary protection for the Yemeni people in a difficult time like this.
But despite these efforts, significant economic challenges still face Yemen
Therefore, supporting the international community and paying close attention to the Yemeni economic crisis is an absolute necessity to stabilize the economic and monetary situation in the country.