[ad_1]
Ramzi al-Jaafari
The process of stopping the deterioration of the national currency "riyal" has become necessary to reduce the humanitarian catastrophe that threatens 90% of Yemenis
Stabilization the exchange rate of the dollar against the riyal
The sources of exchange are absent from Yemen because of the decline in exports. Very significantly offset by the cessation of oil and gas production, which constitutes femininity In addition to the inability of the country to obtain subsidies, aid and pledges during the war, which forces us to seek foreign exchange sources to meet the needs of an importing country with distinction. The production and export of oil and gas and the search for subsidies and aids to support the Yemen Central Bank in hard currency, in addition to the consolidation of the country's monetary policy instead of the Aden central bank and Sanaa, neutralize the economy of conflict.
To deal with the deterioration of the riyal against foreign currencies, it takes joint efforts between the Yemeni government and its international partners, and the Government of the Republic of Yemen, When the stage requires d & # 39; increase the supply of foreign exchange by increasing exports, which requires the support of external reserves to ensure the stability of the exchange rate to the specified value and stop the deterioration of the value of the national currency. Sustainable imports of basic food products
At the official exchange rate, and to calm inflation.
Here, we must ask the government and its international partners to invest $ 200 million in down payment to calm the market and balance it.
There are major problems that must be considered before starting any treatment aimed at reducing the deterioration of the national currency compared to other currencies, and which must be returned here The rehabilitation of local refineries to reduce Yemen's recent oil and gas imports, which have risen to the tune of billions of dollars, are increasing demand for foreign exchange, leading to a further collapse of the national currency and a lack of public confidence in commercial banks and governments . This is an imbalance in monetary policy and is reflected in the reality of the local currency, and it has become the control of currency traders who are not banks, all the more so as these problems generate the lack of confidence of the capitalists in the national currency. That its prices increase and can be exchanged at any time and in any place.
One of the problems that one needs to focus on when starting a treatment is paying attention to the effects of a decision.
In particular, some in the southern provinces convert the local currency to the dollar, buying the dollar in the old currency in the northern provinces that prevent the circulation of the local currency
Therefore, national and legal responsibility requires government the creation of an economic team working by its side to solve the current problems, and the management of the Saudi deposit and resources and the control of foreign imports, and the equivalent The current phase of the Government and its international partners requires the involvement of the Yemeni private sector in the development of solutions and treatments for the exchange rate crisis. The private sector is a development partner that must
Focus on these problems will help put Solutions to the exchange rate crisis, which will have positive effects that will limit the human catastrophe which threatens the lives of an entire people.
[ad_2]
Source link
