The local currency (the Yemeni riyal) is linked to people’s daily lives, and the local markets are affected by it. With its collapse against foreign currencies, it loses its value in the local markets, which leads to an increase in prices.
There are many reasons that caused the collapse of the local currency, especially the Yemeni war, which caused the financial division between Sana’a and Aden, the termination of many state resources, the rampant corruption that ruins all state institutions, and the absence of the role of the control and accounting apparatus.
Considering the unprecedented collapse, we find that the problem is not the result of the moment, but rather extends over years of time because successive governments have not taken radical, long-term solutions, but have been content with foreign financial aid as solutions. However, this was short-lived and had an effect for months, and suffering remained with people wherever they went and in all parts of the country. The wounded man.
It is not surprising that the suffering has worsened and the salaries of civil servants have become very small compared to the prices of food and consumer goods, because the currency has lost its value. Some think that the solution lies in increasing wages, but this is not the case; solution, because our problem is in our currency itself, which has lost its value in the local market, and an increase in wages is only an increase in the papers. Money, no more, no less.
It is certain that the silence of the responsible authorities and their failure to seek solutions to stop this collapse constitutes a renunciation of the most important and outstanding tasks assigned to them, and even foreshadows the arrival of a humanitarian disaster (famine), God forbid. .
The local currency file requires the attention of the presidency and the government today before tomorrow, intensifying their efforts, taking bold decisions and honest steps that stop corruption in its tracks, export oil and gas, restore life to all essential state facilities and provide everyone income to the central bank, so that this contributes to the recovery of the currency. When the local currency improves and its price stabilizes against other currencies. This will reflect positively on all fields.
If someone cannot offer something to the people, it is better for him to leave than to stay at the expense of their hunger. God is behind the intention and intention.
Muhammad Ali Al-Taweel