Yemen's President Abdrabu Mansur Hadi has reshuffled the administrative board of his country's Central Bank and appointed a new governor.
Mr Hadi issued a decree on Monday to confirm the changes after talks with the leadership of the Southern Transitional Council, state-run Saba news agency reported.
Ahmad Al Mabaki, 65, was appointed as new governor and chairman of the Central Bank of Yemen's board.
Economist and professor Mohammed Banajah was appointed deputy governor and vice chairman of the board, which has three other new members.
The move by Mr Hadi comes in line with Al Riyadh Agreement brokered by Saudi Arabia between his government and the Southern Transitional Council in November 2019 to end a year-long standoff between the two allies.
It comes as the war-ravaged country faces its worst economic and humanitarian crisis since the conflict began in 2015.
The Yemeni rial has significantly lost ground against foreign currencies, reaching new lows this week. On Monday, one US dollar was trading at 1,650 rials, according to exchange companies in Aden, compared with 215 before 2015.
The devaluation of the local currency has left millions of Yemenis starving as the majority of the population can no longer afford basic commodities, with foreign currency reserves at the Central Bank almost exhausted.
Yemeni economic analysts are optimistic about the new administration.
Majid Al Daeri, an economic analyst based in Aden, told The National that Mr Mabaki's appointment as governor was one of the best decisions Mr Hadi had taken.
'Cash-injection needed'
“The newly appointed governor is known for his long experience in the economic field. He is widely known as a banking specialist, so I am optimistic about him. He might be able to come up with urgent solutions to stop the unprecedented collapse of the local currency,” Mr Al Daeri said.
“For him to succeed, the new governor must be fully supported by the coalition and the international donors. An urgent new cash injection is a must at this critical time to help the new administration of the bank to form new reserves of foreign currency and re-control the banking market.”
However, other economists said the appointment of a new board would not help to stop the local currency's slide unless bold banking policy reforms are introduced by the Yemeni government.
“The new administration will not be able to do anything to stop the unprecedented devaluation in the local currency unless the government implements enduring economic solutions, revives the oil exports and deposits all state revenue in the Central Bank,” economist Shalal Afif, a Yemeni, told The National.
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Ahmed Saadawi
Penguin Press
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Global state-owned investor ranking by size
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
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Name: Dr Hassan Mohsen Elhais
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
The years Ramadan fell in May
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