Media outlets affiliated with the Iran-backed Houthi militia have reported the militia's seizure of a substantial amount of new currency, estimated at 60 billion Yemeni riyals, following their recent control over the West Coast regions.
According to these reports, the Houthi-controlled Central Bank authority in Sana'a received requests within the first week of the militia's takeover of West Coast areas to transfer sums of the new local currency. The value of these requested transfers reportedly exceeded 60 billion riyals in the Mokha region and other districts along the West Coast.
These requests were submitted by financial institutions and commercial companies operating in the West Coast areas recently brought under Houthi control. The reports suggest that these requests are ongoing, with expectations of an increase in the total amounts in the coming days.
This development follows a statement made by Ahmed Al-Masaoui, the Houthi-appointed governor of Taiz, on September 12th, confirming that the Houthi Central Bank had taken possession of the Central Bank's premises in Mokha. Al-Masaoui had indicated at the time that communication had begun with exchange companies and shops in the West Coast to facilitate an exchange of the new currency, which the militia prohibits from circulation, for the older local currency, with specific exchangers designated for the operation.
However, experts and observers have expressed skepticism regarding the Houthi claims of facilitating such large-scale exchanges of the new currency, which belongs to citizens, companies, and exchange firms, for its equivalent in the older currency, much of which is reportedly in a dilapidated state. Concerns have been raised that this could represent a widespread act of plunder by the Houthi militia against the assets and savings of citizens and institutions in the West Coast, under the pretext of currency exchange.
