Exclusive report _ prepared by the Yemeni writer Salah Dhulfiqar _ Director of the Middle East and Africa Department on the site.

At the Maashiq Presidential Palace in Yemen, Aden, Rashad Al-Alimi, the so-called Chairman of the Presidential Leadership Council, met with the Governor of the Central Bank, Ahmed Al-Maabqi, who confirmed during his meeting with Al-Alimi the Central Bank's readiness, loyal to the legitimacy, to accommodate the upcoming Saudi-Emirati deposit, which amounts to about two billion US dollars allocated to support service efforts in the so-called liberated governorates under the control of the Presidential Leadership Council after the Saudi Ministry of Finance refused a month ago to hand over the deposit to the Yemeni Central Bank except after it carried out radical reforms, fought government corruption, and monitored money laundering operations.
Hours did not pass after the meeting between Al-Alimi and Al-Maabqi, during which the former pledged to guarantee currency stability and issued his orders to the latter to maintain currency stability, when exchange rates rose to 1135 riyals per US dollar.
Banking observers in Aden told the Hala Canadian site today that Al-Maabqi, the Governor of the Central Bank in Aden, and his assertion that the bank would complete absorbing the Saudi deposit in less than a month after Saudi Arabia refused to hand over the deposit except with radical reforms indicate a lack of transparency of the Central Bank not only with local and international media but also in misleading the so-called Yemeni Presidential Leadership Council headed by Al-Alimi. The bankers explained in a phone call that it is impossible for the governor to achieve radical reforms in less than a month when he failed to stabilize the exchange rate on 28/12/2021 when it was 850 riyals in his first meeting with the bank's board of directors, and the rate now ranges up to 1130 riyals per dollar. The bankers added that the Central Bank lacks a clear vision to manage the market amidst the ongoing war in Yemen and is experiencing a state of self-confusion due to the incompetence of the Central Bank Governor in Aden, Ahmed Al-Maabqi, and his deputy Dr. Banajah, and that it is impossible to talk about any stability of the national currency amid its current continuous deterioration, which could reach levels double the current rate due to the Central Bank's loss of control over the banking market because of the absence of a defined network to control financial operations among exchange companies, liquidity shortage, and the insistence of the Central Bank loyal to the legitimate president Rashad Al-Alimi in Aden to open the public auction under weak justifications to inject 30 million dollars weekly to traders and exchange companies from the previous Saudi deposit without sufficient cash reserves. This is considered clear speculation to undermine the national currency and deteriorate economic and living conditions, and the entry of exchange companies and their takeover of the coverage of importing a large part of the food and supply goods for the Yemeni people and smuggling that money outside Yemen through border crossings such as Al-Mahrah - Oman and then to Dubai has made the exchangers have complete control over foreign currency. Moreover, currency smuggling, and here we mean foreign currency, is carried out daily in areas entirely affiliated with the so-called legitimate government without any restraint from the Central Bank in Aden.
According to information obtained from banking sources, exchange companies such as Al-Najm, Al-Qutaybi, and Al-Imtiaz have their own transfer networks not subject to the oversight of the Central Bank, and there is no national switch, and the network linking for financial transfers is not available at the Central Bank, which loses its credibility in monitoring the process of smuggling and money laundering.