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Yemen Central Bank Acts to Stop Currency Collapse, Money Laundering

Central Bank of Yemen in Aden(Saba News Agency)
Central Bank of Yemen in Aden(Saba News Agency)
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Yemen Central Bank Acts to Stop Currency Collapse, Money Laundering

Central Bank of Yemen in Aden(Saba News Agency)
Central Bank of Yemen in Aden(Saba News Agency)

The Central Bank of Yemen is taking action to address the plummeting value of the Yemeni rial and combat financial crimes. This follows the second installment of a $250 million grant from Saudi Arabia to the Yemeni government.

Despite previous efforts to stabilize the exchange rate through regular currency auctions, disruptions in oil exports due to Houthi attacks on ports have caused the rial to drop.

According to banking insiders who spoke with Asharq Al-Awsat, the second installment of Saudi aid is helping the Central Bank manage currency markets and stabilize the Yemeni rial’s exchange rate, which has been declining due to halted oil exports.

The Central Bank’s decision to auction $60 million this week is seen as a key move to halt the rial’s slide.

Since the appointment of new Prime Minister Ahmed Awad bin Mubarak, the local currency has been fluctuating.

Government-controlled exchange markets have been unstable due to irregular salary payments in recent months.

Currency exchange shops reported 1622 rials per dollar on Monday, according to traders who spoke to Asharq Al-Awsat.

At the same time, in efforts to control the banking sector and fight money laundering, the Central Bank of Yemen has received support from the Public Funds Court in Aden, Yemen’s interim capital.

This support backs the Central Bank’s requests for access to all banking transaction data from some commercial banks.

Additionally, these banks are required to provide all necessary information to the Anti-Money Laundering Unit for transaction verification. Two commercial banks have been found guilty of breaking the law.

Official sources report that the Public Funds Court in Aden has convicted Yemen International Bank. The bank was found guilty of failing to adhere to anti-money laundering and terrorism financing laws.

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Arab World

Israel Expands ‘Security Annexation’ in Gaza

Palestinians inspect a United Nations building after it was hit by an Israeli airstrike in Jabalia, northern Gaza, on April 2, 2025 (Associated Press)
Palestinians inspect a United Nations building after it was hit by an Israeli airstrike in Jabalia, northern Gaza, on April 2, 2025 (Associated Press)
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Israel Expands ‘Security Annexation’ in Gaza

Palestinians inspect a United Nations building after it was hit by an Israeli airstrike in Jabalia, northern Gaza, on April 2, 2025 (Associated Press)
Palestinians inspect a United Nations building after it was hit by an Israeli airstrike in Jabalia, northern Gaza, on April 2, 2025 (Associated Press)

As Israel expanded its military operations in Gaza and the West Bank, far-right National Security Minister Itamar Ben-Gvir sparked Palestinian outrage by entering the Al-Aqsa Mosque compound.

Israeli Defense Minister Israel Katz said he plans to seize large areas of land in Gaza and turn them into “security zones,” as well as in the West Bank to bolster Jewish settlements.

On Wednesday, Katz announced that Israeli forces would move into the Gaza Strip "to cleanse areas of terrorists and infrastructure" and seize large swaths of land to expand Israel's security zones.

The statement followed the deployment of an additional Israeli brigade in southern Gaza as part of an escalation in the offensive. The Israeli army’s Radio reported that the 36th Armored Division is leading the new ground operation in Gaza.

The Israeli military also ordered the complete evacuation of the Rafah area along the southern Gaza border, initiating incursions in the region, including targeting vast areas between Rafah and Khan Younis. This marks the largest evacuation order since Israel resumed its offensive in Gaza on March 18, ending a two-month ceasefire.

Field sources told Asharq Al-Awsat that Israeli forces have effectively taken control of areas in Rafah and are attempting to push further into other parts of the city, making it largely under their control.

The sources added that the incursion has begun in certain areas, while the military maintains fire control over others. It is expected that the forces will reach these areas at any moment, including parts of the southeastern region of Khan Younis, which lies close to Rafah.

In a provocative move, Ben-Gvir led an incursion into the Al-Aqsa Mosque compound on Wednesday. Since taking office as National Security Minister, Ben-Gvir has entered the site more than eight times, a move that has sparked widespread outrage and condemnation.

Saudi Arabia strongly condemned the incursion, under the protection of Israeli police, and the eviction of worshippers. The Kingdom reiterated its condemnation of Israel's ongoing flagrant violations of the mosque's sanctity.

In a statement from the Ministry of Foreign Affairs, Saudi Arabia also condemned the Israeli forces’ targeting of a clinic run by the United Nations Relief and Works Agency (UNRWA) in the Jabalia refugee camp in northern Gaza.

The Kingdom expressed its concern over the continued Israeli attacks on UN agencies, humanitarian organizations, and their workers.

Saudi Arabia emphasized the need to protect UN agencies, humanitarian organizations, and their personnel, urging the international community to take action to end Israel's relentless military actions, which disregard human values and international laws.

The Kingdom warned that the international community’s failure to deter such grave and persistent violations would undermine the prospects for achieving lasting peace, erode the credibility and legitimacy of international law, and negatively affect regional and global security and stability.