Yemeni riyal nears historic low in government-controlled areas

Money traders and local media said the Yemeni riyal was on track to break another record of 2,100 against the dollar on Sunday. (File/AFP)
Money traders and local media said the Yemeni riyal was on track to break another record of 2,100 against the dollar on Sunday. (File/AFP)
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Updated 27 October 2024
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Yemeni riyal nears historic low in government-controlled areas

Money traders and local media said the Yemeni riyal was on track to break another record of 2,100 against the dollar on Sunday.
  • Violent protests have erupted in Aden, the interim capital, and other cities in recent years, as the riyal’s depreciation has raised food and fuel prices

AL-MUKALLA: The Yemeni riyal fell to 2,045 against the dollar in government-controlled areas on Sunday, just days after an all-time low of 2,000.

As the Yemeni government and its financial institutions called for an international bailout, money traders and local media said the riyal was on track to break another record of 2,100 against the dollar.

The riyal traded at 215 against the dollar during the early months of the war, which began after the Houthi militia forcibly took power a decade ago.

Violent protests have erupted in Aden, the interim capital, and other cities in recent years, as the riyal’s depreciation has raised food, fuel and transportation prices.

The Aden-based central bank has shut down unlicensed exchange firms and ships, as well as those not following its monetary rules. It has ordered the relocation of banks from Houthi-controlled Sanaa to Aden, and sold dollars from its dwindling foreign currency reserves in public auctions to help local traders obtain enough to import food and other essentials.

But the measures have failed to support the riyal, which fell from around 1,200 per dollar in April 2022, following the formation of the Presidential Leadership Council, to 2,000 a week ago.

The government has blamed the Yemeni riyal’s devaluation on Houthi attacks on oil terminals in the southern provinces of Hadramout and Shabwa, which resulted in a halt in oil exports, as well as currency speculation by local money traders and exchange firms.

It comes as Ahmed Ghaleb, governor of Aden’s central bank, reiterated a governmental appeal to the international community to help contain the riyal’s depreciation and ensure it can continue meeting financial obligations such as paying salaries.

According to official Yemen news agency SABA, Ghaleb, currently in Washington DC, said during a meeting with US Yemen envoy Tim Lenderking that the Houthis’ strikes on oil facilities in late 2022, as well as their attacks on international shipping, had deprived the Yemeni government of its main source of revenue. They had also increased shipping and insurance costs, exacerbating the country’s humanitarian crisis.

Speaking last week to a gathering of central bank governors and financial ministers from the Middle East, North Africa, Afghanistan and Pakistan region, Ghaleb said Yemen had lost over $6 billion in revenue in the 30 months since its oil exports stopped. He also said Houthi attacks on ships had disrupted the flow of supplies and escalated poverty and food insecurity.

The Yemeni government has repeatedly said it cannot pay employees in areas under its control without financial aid.

Teachers, security and military personnel, and other government employees in Aden, Al-Mukalla and other government-controlled cities have complained their salaries are paid weeks late and have lost value due to the riyal’s depreciation.

“Salaries are paid late, losing value. The teacher, who previously received $320, is now paid $53. We went on strike to protest the collapse of salaries, but no one paid attention,” Abu Mohammed, a teacher from Hadramout province, told Arab News on Sunday.


ICC member states must act against Israeli, US threats: HRW

ICC member states must act against Israeli, US threats: HRW
Updated 02 December 2024
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ICC member states must act against Israeli, US threats: HRW

ICC member states must act against Israeli, US threats: HRW
  • International Criminal Court has faced ‘extreme pressure’ since issuing arrest warrants for Netanyahu, Gallant
  • Human Rights Watch: ‘Crucial work’ at The Hague must continue ‘without obstruction’

LONDON: International Criminal Court member countries must oppose Israeli and US efforts to undermine the court follows its issuing of arrest warrants against Israeli leaders, Human Rights Watch said on Monday.

The organization released a 24-page report outlining recommendations to member countries ensuring that the ICC receives the “political backing, resources and cooperation” it needs to carry out its mandate.

The world’s top international court has faced “extreme pressure” since issuing the warrants on Nov. 21, HRW said.

Warrants were issued for the arrests of Israeli Prime Minister Benjamin Netanyahu, former Defense Minister Yoav Gallant and Mohammed Deif, a Hamas commander.

US lawmakers renewed threats of sanctions against the court and its officials after the warrants were issued.

Liz Evenson, HRW’s international justice director, said ICC warrants “send a critical message that no one is above the law. ICC member countries should make a commitment during their annual meeting (on Dec. 2-7) to take all necessary steps to ensure that the ICC’s crucial work for justice can continue without obstruction.”

HRW warned that US sanctions against the ICC would have “wide-reaching consequences for global justice.”

Legal uncertainty and apprehension for NGOs, consultants and lawyers could arise as a result of sanctions, which are “a tool to be used against those responsible for the most serious crimes, not against those promoting justice,” HRW said.

After the issuing of the warrants, many ICC member countries voiced support for the court’s decision, yet some avoided making explicit commitments to enforcing them.

Hungary’s President Viktor Orban said he would invite Netanyahu to visit his country despite Hungary, an ICC member, being obliged to arrest anyone wanted by The Hague.

The French government last week appeared to claim that Netanyahu enjoys immunity from arrest as Israel is not an ICC member. Judges at The Hague have rejected this view.

Member countries must condemn Israeli and US threats against the court and its supporters, including civil society organizations, NGOs and human rights defenders, HRW said.

The annual meeting should result in “concrete steps” aimed at protecting the court from “coercive measures,” the organization added.

“The ICC needs the support of its member countries to fulfill its ambitious global mandate of delivering justice for the most serious crimes,” Evenson said.

“Member country support needs to be consistent over time and across situations to avoid double standards, and uphold the court’s legitimacy for victims and affected communities.”


Iran says it will keep ‘military advisers’ in Syria

Iran says it will keep ‘military advisers’ in Syria
Updated 02 December 2024
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Iran says it will keep ‘military advisers’ in Syria

Iran says it will keep ‘military advisers’ in Syria

TEHRAN: Iran said on Monday that it plans to keep military advisers in Syria after its ally’s second city Aleppo was overrun by militants in a surprise offensive.
The Islamic republic, which has backed President Bashar Assad since Syria’s civil war broke out in 2011, says it only deploys military advisers in the country at the invitation of Damascus.
“We entered Syria many years ago at the official invitation of the Syrian government, when the Syrian people faced the threat of terrorism,” said foreign ministry spokesman Esmaeil Baqaeil.
“Our military advisers were present in Syria, and they are still present” and would remain in the country “in accordance with the wishes” of its government, he told a news conference in Tehran.
Baqaeil did not specify whether or not Iran would be increasing its forces in Syria in the wake of the lightning militant offensive.
His remarks come a day after Iran’s Foreign Minister Abbas Araghchi met with Assad in Damascus to show support for the Syrian president.
Aleppo fell to an Islamist-dominated militant alliance over the course of the past week, according to the Syrian Observatory for Human Rights war monitor.


Syrian and Russian air forces strike Aleppo’s eastern countryside

Syrian and Russian air forces strike Aleppo’s eastern countryside
Updated 02 December 2024
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Syrian and Russian air forces strike Aleppo’s eastern countryside

Syrian and Russian air forces strike Aleppo’s eastern countryside

CAIRO: Syrian and Russian air forces were striking militant-held positions in Aleppo’s eastern countryside, killing and wounding dozens of insurgents, according to a statement from the Syrian Prime Minister’s office on Monday.

Russia said it continues to support Syrian President Bashar al-Assad and is analysing the situation on the ground after Islamist insurgents and other rebel groups seized territory in Syria.

Kremlin spokesman Dmitry Peskov said on Monday Russia would form its position based on unfolding events.

Meanwhile, Kurdish YPG forces began pulling out of areas under their control in the northeastern sector of Aleppo city under a deal with militant forces, sources and a resident said on Monday.

The deal to pull out of Sheikh Maqsoud and Bustan al Basha and other areas in the city allows civilians to leave to areas in northeast Syria under Kurdish control, the sources told Reuters. 


Lebanon army says Israeli drone hits post in east, wounding soldier

Lebanon army says Israeli drone hits post in east, wounding soldier
Updated 02 December 2024
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Lebanon army says Israeli drone hits post in east, wounding soldier

Lebanon army says Israeli drone hits post in east, wounding soldier

BEIRUT: Lebanon’s army said an Israeli drone strike wounded one of its soldiers in the eastern region of Hermel on Monday, the latest such raid since an Israel-Hezbollah ceasefire last week.
“An enemy drone struck an army bulldozer at a position, injuring one soldier,” the army said, five days after a ceasefire ended more than a year of war between Israel and Lebanon’s Hezbollah armed group.
The ceasefire deal, which was intended to end the more than year-long conflict between Israel and Hezbollah, went into effect early on Wednesday.
The deal has reduced the level of fighting, but Israel has launched multiple strikes against targets it says were violating the truce.
As part of the terms of the agreement, the Lebanese army and UN peacekeepers will deploy in southern Lebanon as the Israeli army withdraws over a period of 60 days.
Hezbollah is also meant to withdraw its forces north of the Litani river, about 30 kilometers (20 miles) from the border, and dismantle its military infrastructure in southern Lebanon.
Israel stepped up its campaign in south Lebanon in late September after nearly a year of cross-border exchanges begun by Hezbollah in support of its ally Hamas following the Palestinian group’s October 7, 2023 attack on southern Israel.


Pro-Iranian militias enter Syria from Iraq to aid beleaguered Syrian army

Pro-Iranian militias enter Syria from Iraq to aid beleaguered Syrian army
Updated 02 December 2024
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Pro-Iranian militias enter Syria from Iraq to aid beleaguered Syrian army

Pro-Iranian militias enter Syria from Iraq to aid beleaguered Syrian army

AMMAN: Iranian-backed militias entered Syria overnight from Iraq and were heading to northern Syria to beef up beleaguered Syrian army forces battling insurgents, according to two Syrian army sources.
Dozens of Iran-aligned Iraqi Hashd al Shaabi fighters from Iraq also crossed into Syria through a military route near Al Bukamal crossing, a senior Syrian army source told Reuters.
“These are fresh reinforcements being sent to aid our comrades on the front lines in the north,” the officer said, adding the militias included Iraq’s Katiab Hezbollah and Fatemiyoun groups.
Iran sent thousands of Shiite militias to Syria during the Syrian war and, alongside Russia with its air power, enabled Syrian President Bashar Assad to crush the insurgency and regain most of his territory.
A lack of that manpower to help thwart the militant onslaught in recent days contributed to the speedy retreat of Syrian army forces and withdrawal from Aleppo city, according to two other army sources. Militias allied to Iran, led by Hezbollah, have a strong presence in the Aleppo area.
Israel has also in recent months stepped up its strikes on Iranian bases in Syria while also waging an offensive in Lebanon which it says has weakened Hezbollah and its military capabilities.