Houthi rebels’ plot to flood market with fake currency notes foiled
dubai— A plan by Houthi rebels to further weaken the country’s economy came to the fore when local tribes seized a truck loaded with counterfeit bank notes with new denominations as it was on its way to the rebels’ stronghold of Sada governorate.
The new printed bundles of Yemeni Riyal/5000 denominations were found stashed in the truck, which was coming from Hadramout in the eastern part of the country en route Al Jouf desert and further heading for Sada.
The YR/5000 denominations have never been introduced in the country as the highest denomination banknote is YR/1,000.
This shows that Houthis are harbouring their ill-design to circulate the smuggled banknotes in the areas that fall under their control.
It is obvious that the new banknotes were printed outside Yemen, as part of foreign powers’ plan to back the Houthis and their allies to overcome the economic crisis which emerged as a result of the coup.
At the same time, there is a heightened resentment and frustration among the Yemenis towards the policies of the rebels as the rate of poverty among has gone up. More than 60 per cent of the population is reeling under poverty, and as many as 16 million people are suffering from hunger and poverty. The rebels have also levied new taxes on all the government sectors.
What makes it worse is the mushrooming of gangs that loot the oil products and sell them in the black market.
Nonetheless, the coup has led to the fall of the national currency and rise in inflation rates, affecting the economic sectors, social services as well as welfare projects for the poor.