In Yemen, a battle for control of the country’s banks between Houthi rebels and the internationally recognized government is intensifying, posing a grave threat to an already fragile economy ravaged by years of conflict. The feud has split Yemen’s financial system, with rival factions using different currencies and operating separate central banks.
This divide has led to a depreciation of the Yemeni riyal, driving up prices and causing unrest among citizens unable to access their savings. The dispute could further exacerbate poverty, food insecurity, and reliance on humanitarian aid, according to the United Nations.
The conflict dates back to 2015, with the Houthis controlling the north and center, while the government governs the south. The recent issuance of new currency by both factions has only added to the economic chaos, with conflicting exchange rates and fears of international financial isolation.
As tensions escalate, with banks facing sanctions and restrictions, ordinary Yemenis like Um Ahmed are left grappling with the consequences, unable to access their hard-earned savings. The country’s future hangs in the balance as the economic crisis deepens.
Despite these challenges, the Yemeni people persevere, caught in the crossfire of a political and economic turmoil that shows no signs of abating.
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