Yemeni President Decides to Move the Central Bank to Aden

Jeddah-Yemen’s exiled President Abd Rabbuh Mansur Hadi since the Houthis seized the capital in 2014, decided on Sunday to move the headquarters of the country’s Central Bank and its operational administration from the capital Sana’a to the southern city of Aden, reported the Yemeni state-run Saba News Agency.

This decision will deprive the Shiite Houthis, who are ruling the capital Sanaa in the north, of a potential source of cash.

Sunday’s decision is a part of a series of technical ministerial changes conducted in the government of Dr. Ahmed Bin Daghr based in Aden, the Yemeni president appointed Finance Minister Dr. Mansar al-Kaiti as head of the bank after sacking Dr. Mohammed bin Hamam.

Abd Rabbuh Mansur Hadi appointed Muammar al-Iriani as Information Minister, Dr. Mohamed Qubaty as Tourism Minister, Dr. Ahmed Zubayen Attiah as Minister of Endowment and Guidance, Hussein Abdulrahman Basalama as Minister of Higher Education, and Marwan Damaj as Minister of Culture.

He also appointed Abdulghani Jameel as Minister of Sana’a Secretariat and Abdulrab Saleh Aslami as Minister of State.

Chairman of the Yemeni Studies and Economic Media Center Mustafa Nasr told Asharq Al-Awsat that the relocation of the Central Bank is considered as the most important economic decision taken since rebels captured the capital in 2014.

Nasr said the relocation would have important repercussions as it shows the capability of the legitimate government to manage the crisis, and the good coordination with the Gulf Cooperation Council states.

In fact, the decision of relocating The Central Bank of Yemen comes at a time when the Yemeniس suffer from a financial crisis, shortages of fuel, water, electricity and basic goods.

These crises hit the country 18 months ago, where most of the Yemeni population – 26 million people- are concentrated in the rebel-held north.

According to Al Jazeera, the relocation of the bank is expected to cause further economic deterioration in the north, where Saudi-led air strikes have caused widespread destruction.