President Al-Zubaidi chairs joint meeting of Economic Committee and heads of banks and Chamber of Commerce

The President of the Southern Transitional Council, President Aidarous Al-Zubaidi, chaired on Wednesday, a joint meeting of the Supreme Economic Committee of the Council, the heads of commercial banks, and the Chamber of Commerce in the capital, Aden, to study ways to stop the currency value deterioration and limit the high increase in prices that doubles the suffering of citizens and their living. .

At the outset of the meeting, which was attended by the economic advisor to the President of the Southern Transitional Council, the Minister of Transport in the parity government, Dr. Abdel Salam Humaid, President Al-Zubaidi welcomed all the attendees, reiterating the need to improve the local currency exchange rate, and to stop its deterioration.

President Al-Zubaidi called on the heads of commercial banks and money exchangers to come up with serious and quick solutions to curb the currency speculation process, in light of the failure of the Central Bank to carry out its tasks and duties, and the abandoned of the government its responsibilities.

President Al-Zubaidi stressed that the heads of commercial banks in the capital, Aden, should feel the duty and initiative in determining the exchange rate value because of its impact on the people and their live.

In turn, the economic advisor to President Al-Zubaidi, Minister of Transport, Dr. Abdul Salam Humaid stressed the need for cooperation between the various concerned parties on which the basic operation of the currency is based on, otherwise the loss will include everyone.

Humaid indicated the state of weakness reached by the Central Bank, which caused the emergence of a state of distrust, and about three-quarters of the money supply went to exchange companies, commercial banks and some merchants, which facilitates the process of its speculation, calling on commercial banks to carry out their full duties to reduce this, concluding his speech by presenting a number of points to be discussed in the next government meeting that contribute to limiting the currency's collapse.

For their part, the heads of banks agreed that the responsibility is on both the central bank and the money exchangers, presenting a number of economic visions to limit the collapse of the currency.

In turn, the head of the Chamber of Commerce, Abu Bakr Baobaid, stressed that the basis for the defect is the management of the currency and not the currency itself, explaining that cash in Aden is available, but the problem lies in the central bank, in which the parity government must change the corrupt.

At the conclusion of the meeting, the Chairman of the Supreme Economic Committee, Dr. Mohammad Ali Matash, explained that the responsibility rests with everyone, the central bank, commercial banks, and exchange houses, as they are all immersed in currency speculation, and this leads to the creation of corruption hotbeds, and then chaos, stressing that in order to work with transparency, commercial banks must carry out their tasks in an ideal manner, and adhere to the controls that would contribute to the stability of the currency and to prevent speculation in it.

It is worth noting that the President Aidarous Al-Zubaidi, had held two meetings during the past days with the Supreme Economic Committee and the Money Exchangers Association, in order to reach effective solutions that would reflect positively on the living citizens.