It is more than two years since Al Qaeda in the Arabian Peninsula was ousted from Mukalla. While smouldering tires do occasionally block the road along the Yemeni city’s corniche, terrorists no longer roam its streets openly and squares no longer serve as theatres for their pitiless punishments.
The great preoccupation for locals is no longer everyday security but money after a rial crisis gripped the country. Disturbances about the lack of cash welled up in recent weeks. The Houthi takeover of Yemen that began in 2014 led to a destabilisation of the country’s financial system with the hasty relocation of the central bank a year later. In places like Mukalla, the struggle to stave off the ravages of the national currency collapse is felt by all. There are no effectively two centres of monetary policy, one in Sanaa and one in Aden.
As the currency has dropped below 600 rials to the dollar in recent weeks, life has become harder for Huda Abduallah.
A gynaecologist in Mukalla’s Hospital for motherhood and childhood, the 45-year-old doctor now requires treatment herself – follow-up appointments for breast cancer she was diagnosed with three years ago.
On her current salary of 76,000 rials, one course of chemotherapy would have cost almost half a year’s pay, so she instead makes regular trips to Saudi Arabia for treatment, where she receives free health insurance through her husband’s employment.
Like many others, she has taken a second, part-time, job where she teaches in the local university. "I'm exhausted," she tells The National plainly.
The value of government salaries paid in the rial has declined throughout the war. The disruptions are manifold, with pay often coming late and sometimes not at all. The falling currency has pushed the price of many things up, raising the cost of living in a country where millions were already on the precipice of poverty.
“I used to go to work on the bus and pay 7,000 rials, now its 15,000 rials”, she says. The cost of transportation was such an issue that last year the local Governor stepped in to personally pay the transport costs of hospital staff living outside the city.
For Ahmed Ali Bin Aram, 50, who works in a fish-canning factory outside the city, the pressures inflicted by the collapse are written on the face of his family. “I have four children, every day it seems we have less rice, and less bread. I spend more but get less. At least we have the sea, the fish stay even when there is a crisis”.
Prior to the current conflict, the central bank pegged the currency at a manageable 215 rials to the $1. But a recent paper by The Sanaa Centre noted that as of the first week of September it had been trading at 620 rials in the black market.
International efforts are afoot to bring about some sort of reunification, and an IMF-backed meeting in Kenya next month will attempt to do just that. The Nairobi plan will look to overcome the problems of two central banks, by instead operating the institution out of four regional offices. Western diplomats say bringing the institution’s former governor, Mohammed bin Hummam, back in from the cold to oversee the plan is integral to its implementation.
This decline is a long way short of the devaluation seen in some other countries like Zimbabwe, and even Lebanon at the height of the civil war. But Yemen’s dependence on food imports means even modest currency drops can push the cost of food out of people’s reach.
Under Mr Hummam’s governorship, the central bank was a meritocratic oasis in a country where state institutions were riddled with corruption. He sent staff abroad for training, and during his eight-year tenure staved off a foreign currency crisis and kept government salaries flowing – including to Houthi-held Sanaa.
As Mansour Rageh, chief economist at the independent think tanks Sanaa Centre for Strategic Studies, says: “He kept the central bank away from the conflict.”
______________
Read more:
Yemen central bank nearly doubles interest rate to halt riyal plunge
Saudi Arabia's $2bn cash transfer gives hope to Yemenis
Yemenis join the line of refugees seeking help in Jordan
______________
In 2016, President Abdrabbuh Mansur Hadi attempted to restore some control over the monetary system by establishing an officially backed institution in recaptured Aden, though he did so without ensuring the logistical and financial assets necessary to ensure it functioned. Speaking of its efforts in Yemen earlier this year, the IMF’s regional director Jihad Azour said it was working with the internationally recognised government to overcome the challenges of the fractured economic system.
“We try to help them preserve the basic core functions of the government, namely, at the central bank, and at the ministry of finance. In addition to that, we are in regular contact and dialogue with the community to raise the awareness of this community about the importance of helping Yemen,” he said at a briefing in April.
In January, Saudi Arabia announced a $2 billion tranche of funds that the central bank can draw on to facilitate imports. The funds are being lined up to underwrite imports of grain, and other basic commodities at stable prices to provide some immunity from the currency collapse. And this week King Salman approved a request by Mr Hadi for a further $200m for the central bank.
Now retired, Mr Hummam is cautious when sharing his views on what is collectively referred to as “the crisis” - one which has pushed Yemenis to the streets in anger. But one thing he is clear on, re-unifying the central bank can help.
“If you unify the central bank, under one administration, that will bring confidence.
"The infrastructure [of the central bank] remains in Sanaa, they are starting to rebuild [in Aden], but of course that will take time," he tells The National at his home
“Place that bank together under one management, bring Sanaa and Aden all together, under one management.”
He adds there could be other benefits too, such as opening a channel for dialogue between the government, and the Houthis.
Mr Hummam insists the central bank must transcend politics, as it did under his tenure as governor. It must be a rare neutral actor in an otherwise polarising conflict.
“Where there’s a will, there’s a way”, he whispers, a faint smile breaking on his face.
The%20specs
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
MEDIEVIL%20(1998)
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Killing of Qassem Suleimani
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Zayed Sustainability Prize
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Sholto Byrnes on Myanmar politics
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
AS%20WE%20EXIST
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if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
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