The Chairman of the Board of Directors of the National Bank of Yemen, Dr. Muhammad Hussein Halboub, called for adopting a system of financial decentralization as a solution to the economic crisis in Yemen.

In an article he published on Facebook and followed by Scoop24 ​​News, Halboub considered that the financial centralization previously adopted by the state had failed, and that trying to return to it in Aden as an alternative to Sanaa would be a repetition of failure.

Halboub pointed out that each region in Yemen now controls its own revenues, from Sanaa to Marib, Taiz, Al-Mahra, and Hadramaut.

Halboub called on the Southern Transitional Council to control the revenues of the areas under its control, stressing the need to organize this process in an agreed upon manner.

Halboub considered that financial decentralization is the best solution to the economic crisis, and that discussing this matter now is better than postponing it.

Halboub warned of the dangers of postponing the implementation of financial decentralization, noting that this may lead to destabilizing the political consensus in the legitimate authority, or may push some to throw themselves into the arms of the Houthis.

Halboub stressed that implementing financial decentralization now is better than postponing its implementation until after a political settlement is reached with the Houthis.

News source:

 Article by Dr. Muhammad Hussein Halboub, Chairman of the Board of Directors of the National Bank of Yemen, on Facebook, March 12, 2024.