Central Bank announces new 100 riyal coin

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Governor of the Central Bank of Yemen, Hashim Ismail, announced the issuance of a 100 riyal coin, which will begin circulation starting tomorrow, Sunday, the 21st of Ramadan 1445 AH, corresponding to March 31, 2024 AD.

Hashim Ismail confirmed in a press conference held today at the headquarters of the Central Bank of Yemen in Sana’a that the offering of this new category of currency will not affect the exchange rates as the issuance is allocated to replace damaged currencies and there will be no addition to any monetary mass on offer.

He stated that the Central Bank will later announce points and a mechanism for replacing damaged currencies, indicating that this issuance will be followed by the issuance of coins for denominations less than 100 riyals.

He stated that, with this step, the Central Bank of Yemen is regaining a semblance of sovereignty and regaining one of the most important monetary policy tools that the American-Saudi aggression used to harm the Yemeni people, their economy, and their livelihood.

He said: “The Central Bank of Yemen, as a national institution that serves the Yemeni people, announces an end to the series of countries’ conspiracy of aggression against the national currency and begins a new phase in which the bank’s goal is to serve the Yemeni people, their economy, and their livelihood in all provinces.”

He stated that the aggression put the war on the currency at the forefront of its economic war, which began with practical steps in September 2016 with the unconstitutional or legal decision to transfer the functions of the Central Bank to occupied Aden, after the aggression failed in the military field and failed to achieve its will in Kuwait negotiations.

Central Bank of Yemen Governor pointed out that the economic war waged by the aggression was becoming more ferocious as the military failure of the aggression forces deepened. He stressed that America took over the instigation and management of the economic war and was planning to transfer the bank’s functions to the occupied provinced of Aden.

He touched on what the head of the national delegation did at the time by revealing the explicit threat to the American ambassador to make the Yemeni currency not worth the value of the ink it is printed with, if the conditions of the aggression that the Yemeni people rejected were not accepted and they made great sacrifices in order to adhere to their freedom and independence and protect Blessed the September 21st revolution.

He added, “After that, America quickly intensified its threats to use mercenaries and push them to print illegal currency with the aim of bringing the national currency to complete collapse, with the resulting price inflation and deterioration of the living situation of the Yemeni people.”

He said, “Despite that war, the Central Bank did not abandon its role and duties towards the Yemeni people and was always close to their suffering , followed up on their demands and hopes. We were following the comic and sarcastic expressions being circulated about the obsolescence and deterioration of the national currency, and we considered it a motivation to take action and make more efforts.”

Central Bank of Yemen Governor renewed his thanks, pride and appreciation to the dear free Yemeni people… stressing that the Central Bank remained steadfast in the face of all conspiracies thanks to God and His success first, then thanks to the solidarity of the people, their support and their response to the call of the leader of the revolution in the popular campaign to support the Central Bank, which resulted in steadfastness and pride.

In his response to questions from journalists and correspondents of local, Arab and international media, the Governor of the Central Bank explained that the bank will open points operating around the clock for citizens to replace the damaged currency with the coin, which will also be available in the banking sector… stressing that this currency will not have any impact on the purchasing power of the local currency. Everyone has known over the past years how keen the Central Bank is to stabilize economic conditions.

He pointed out that the bank is keen to work transparently, and the amount of cash issued from all categories will be disclosed, as well as the amount of damaged cash, the fate of the damaged cash that the Central Bank will deal with, and the cash that will be replaced so that everyone is fully informed.