Bank statements revealed that the Houthi militia is active in the currency exchange business. Several listed companies and businesses in Yemen suffered large losses due to Houthis' corruption.
This has resulted in a deterioration in the value of the rial against foreign currencies, a rise in prices, and losses to businesses and corporations.
A bank source in the capital, Sana’a revealed that Al Houthi militia stands behind the turbulence in the foreign exchange market in areas subject to legitimate government by speculating in the currency using its instruments and government funds, that has plundered from public funds.
Reports confirm that the militias are laundering money from government funds, drug trafficking and secret Iranian financial aid through currency exchange and real estate companies.
The price of the dollar exceeded 900 rials and the value of the rial is less than a quarter of what it was before the Houthi militia coup against the state in late 2014.
According to the reports, the newly created money exchange companies and offices formed informal units at the expense of the official banking sector.
These companies are active in speculation in foreign currencies, especially given the weak control over money changers’ activities and the Houthi rule of the Central Bank in Sana’a.
The exchange offices and corporations established in the past three years have reached more than 1,108 unlicensed exchange offices and corporations in Yemen governorates, and it is difficult for the Central Bank of Yemen to monitor them.
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