Deputy Minister of Industry and Trade, Salem Salman Al-Wali, discussed today, Wednesday, with the President of the Money Changers Association and representatives of banks, exchange companies and shops, the repercussions of price changes and the decline in the value of the local currency, and measures to contain their impact on the livelihood and lives of citizens.

The meeting stressed the necessity of integrating the efforts of all banks, companies, money exchange shops, and the association, dealing seriously with economic challenges as a top priority, and controlling the rhythm of the national currency exchange rates, which have declined significantly recently as a result of many factors, including the continued cessation of oil exports, the rise in sea freight rates, and their disastrous repercussions. On the living conditions exacerbated by the terrorist attacks of the Houthi militia.

The meeting emphasized redoubling efforts, standing together against violating banks and currency speculation, taking all strict legal penalties in their regard, controlling the money supply and monitoring it on an ongoing basis, and developing solutions to reform the paths of financial and monetary operations and submitting them to the Presidency of the Council of Ministers.

The Deputy Minister of Industry and Trade confirmed that the Ministry will work to take all legal measures against banks, companies, and exchange shops that violate and do not complete their documents and data with the Ministry.