To address the deteriorating economic situation faced by the Yemeni people as a result of the actions of the Iranian-backed Houthi militias, King Salman bin Abdulaziz has issued a directive to transfer a USD $2 billion deposit to the Central Bank of Yemen, in continuation of the Kingdom’s support of the Yemeni people. This takes the total amount given by the Kingdom to the Central Bank of Yemen to $3 billion. All of this money has been provided with the aim of boosting Yemen’s financial and economic situation while bolstering the Yemeni Riyal. As the value of the Riyal goes up, the living conditions of Yemeni citizens will change for the better.
The Iranian-backed Houthis have stolen government revenues designed to support public services, including those generated from oil and its derivatives. To facilitate this activity they have manipulated the exchange rate of the Yemeni Riyal, resulting in a steady devaluation of the currency, which has significantly damaged the lives of Yemenis for several years.
The Kingdom of Saudi Arabia reaffirms its support for the internationally-backed Yemeni Government. The Kingdom will continue to assist Yemen in its efforts to restore security and stability.
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