Following the recovery of the Yemeni Rial... Firm government measures to control prices.

Arabian Sea Newspaper - Follow-ups

Arabian Sea - Yemen - Follow-ups: The Yemeni government took firm measures on Saturday to control prices and services, following the recovery of the national currency by more than 30% against foreign currencies. The Yemeni riyal recorded a record level of recovery against foreign currencies, as it regained more than 30% of its value. The exchange rate of one Saudi riyal decreased from 755 riyals to 500 Yemeni riyals, while the price of one dollar decreased from 2,838 riyals to 2,000 riyals in the exchange markets, according to banking sources for "Al-Ain News". Yemeni Prime Minister Salem bin Brik made a field visit to the headquarters of the Ministry of Industry and Trade in the temporary capital, Aden, to check on the progress of efforts to monitor markets and commodity prices, and to activate field campaigns to control prices in the context of positive changes in the exchange rate of the national currency. Bin Brik directed "the formation of effective field monitoring teams, not just formal ones, in Aden and the liberated governorates in coordination with local authorities, the application of penalties to violators, the announcement of initiators and collaborators, and ensuring that monitoring teams do not turn into collection and corruption teams," stressing the preparation of weekly bulletins to educate citizens about their rights. The Yemeni Prime Minister affirmed, in a guidance speech, that "the government is closely following developments in local markets, and gives the prices file top priority in light of the difficult living conditions that citizens are going through," stressing "the need to take firm measures to control those who manipulate the prices of basic commodities, and to work to translate the noticeable decline in exchange rates into an actual decrease in the prices of food and services." He said, "It is important that the improvement in the exchange rate of the riyal is reflected in the prices of basic and consumer goods, and we reject the justifications provided by some merchants in keeping prices high under the pretext of previous import costs, because pricing is done according to the daily exchange rate and revenues are converted daily into hard currencies." He stressed the need for "the Ministry to take firm measures, because the citizen is the first to be affected by this imbalance, and the government's responsibility is to protect the consumer and the private sector at the same time and achieve balance." Bin Brik pointed out that "social justice and national responsibility require taking care of the interests of citizens and controlling the market, and the effective way to achieve this is to involve and activate community oversight and make society supportive of the government and enhance its confidence in it, which requires establishing a mechanism for determining prices and forming a joint committee from the Ministry of Industry and the Chamber of Commerce to develop a pricing policy based on realistic costs and a reasonable profit margin, obligating companies and importers to provide invoices and documents proving the prices at which imports were made and linking internal pricing to them, and developing a list that specifies the prices of basic and consumer goods and updating it weekly and publishing it in the media." He directed the launch of hotlines to receive complaints from citizens and report violators to control the market and interact with and address those complaints, stressing that market oversight is a joint responsibility that requires concerted efforts between various government agencies, local authorities and society, and referring violators to the judicial authorities without leniency. Bin Brik pointed out that the government is committed to continuing its efforts to improve economic and living conditions, enhance effective market oversight, and intensify coordination between the relevant ministries, local authorities and regulatory agencies, in a way that ensures strengthening the state's field presence and alleviating the burdens on citizens. The Yemeni Prime Minister addressed a message to the commercial and private sector, saying: "We appreciate your vital role in the national economy, but duty requires you to interact positively and take the initiative to reduce prices immediately in line with the improvement in the exchange rate of the national currency, otherwise the government will not hesitate to take deterrent measures to protect citizens and their rights." He also addressed a message to the citizens, in which he affirmed that the government spares no effort in taking all measures that would improve their conditions, and called on them to interact with the oversight campaigns and report any violations or abuses, in a way that enhances the effectiveness of community oversight alongside government efforts. He explained that the Yemeni government, in coordination with the Presidential Leadership Council, and with integrated efforts between fiscal and monetary policy, continues to work to restore economic balance, create a suitable environment for investment, improve public services, and raise the efficiency of government performance in various vital sectors. Bin Brik reiterated that the government is continuing to take all measures that would control economic performance, achieve recovery, and mitigate the effects of the war ignited by the Houthi terrorist militias. He pointed out that "the government is aware of the extent of the suffering of citizens and is working to address it through an integrated economic plan, starting from strengthening revenues, controlling markets, and improving the performance of state institutions," stressing that improving conditions is not just promises, but a priority that is being worked on in the field.