Yemen’s government shuts down unlicensed exchange firms to stop riyal devaluation

Special Yemen’s government shuts down unlicensed exchange firms to stop riyal devaluation
The Yemeni government has long accused local money traders of engaging in currency speculation. (AFP)
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Updated 04 November 2024
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Yemen’s government shuts down unlicensed exchange firms to stop riyal devaluation

Yemen’s government shuts down unlicensed exchange firms to stop riyal devaluation
  • Local money traders and media said that the riyal was trading at 2050 against the dollar
  • Yemeni government closed dozens of exchange firms in Aden, Yemen’s interim capital, Hadramout, Shabwa, and Mahra that lack or have expired licenses

AL-MUKALLA: The Yemeni riyal stabilized on Monday near its all-time low of 2050 against the dollar in government-controlled areas, as the Yemeni government launched a campaign targeting unlicensed exchange firms.

Local money traders and media said that the riyal was trading at 2050 against the dollar, maintaining the same record low, days after breaking the historic low of 2000 against the dollar. In early 2015, the Yemeni riyal was worth 215 per dollar.

This comes as the Yemeni government closed dozens of exchange firms in Aden, Yemen’s interim capital, Hadramout, Shabwa, and Mahra that lack or have expired licenses.

Local officials, escorted by armed policemen, were seen in the streets of Aden, Al-Mukalla in Hadramout, Attaq in Shabwa, and Al-Ghaydah in Mahra province, inspecting exchange firms and shops’ licenses and closing the doors of unlicensed firms to slow the devaluation of the Yemeni riyal.

The Yemeni government has long accused local money traders of engaging in currency speculation, which resulted in the Yemeni riyal’s rapid devaluation.

Another reason for the devaluation, according to the Yemeni government, is the Houthis’ attacks on oil terminals in Hadramout and Shabwa in late 2022, which resulted in a complete halt to oil exports.

Saleh Fadaeq, the head of the central bank branch in Shabwa, said on Monday that the campaign against unauthorized exchange firms would continue to stop the Yemeni riyal’s devaluation, end currency speculation, and combat money laundering, according to the official news agency SABA.

The Presidential Leadership Council and the Yemeni government have recently requested financial assistance from international donors to help stabilize the Yemeni riyal, pay employees, and fund critical projects.

Yemenis across the political and social spectrum have warned of a major humanitarian crisis in Yemen, as the rapid devaluation of the riyal has driven up the prices of food, fuel, and other essential commodities, pushing people deeper into poverty.

Ismael Al-Sharabi wrote on Facebook that the riyal’s depreciation is causing “a humanitarian crisis,” with the prices for basic food items reaching unprecedented highs. He urged the Yemeni government to quickly bring under control the riyal’s fall.

“A tomato now costs 1,000 riyals. This is a humanitarian disaster and a historical curse that has befallen these people, who are now fighting death to survive, swallowing all burdens, high prices, and extreme poverty,” Al-Sharabi said.

High prices caused by the riyal’s devaluation have sparked violent protests in Aden and Al-Mukalla, as well as other Yemeni cities under government control, over the last several years.

Mustafa Nasr, director of the Studies and Economic Media Center, said the government’s campaign against unlicensed exchange firms did not lead to the riyal’s recovery as it only targeted small firms and not the large exchange firms that control the market, calling for stricter government measures to prevent the riyal’s fall.

“The exchange sector has become disorganized, bloated, and has sufficient liquidity to influence the exchange market,” Nasr told Arab News.

In its most recent report on the Yemeni economy, released late last month, the World Bank depicted a bleak economy in 2025, saying that Yemen’s gross domestic product is expected to fall by 1 percent in 2024, compared to a 2 percent drop last year.

Sixty percent of Yemenis have insufficient access to food due to an unprecedented level of insecurity brought about by the war, and the Houthis’ attacks on oil terminals slashed 42 percent of the government’s revenues, making it difficult for it to provide public services and devaluing the Yemeni riyal, according to the World Bank.


Iran to begin enriching uranium with thousands of advanced centrifuges, UN watchdog says

Updated 11 sec ago
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Iran to begin enriching uranium with thousands of advanced centrifuges, UN watchdog says

Iran to begin enriching uranium with thousands of advanced centrifuges, UN watchdog says
  • International Atomic Energy Agency only mentioned Iran enriching uranium with new centrifuges to 5 percent purity
  • Report further raises tensions over Tehran’s program as it enriches at near weapons-grade levels.
DUBAI: Iran will begin enriching uranium with thousands of advanced centrifuges at its two main nuclear facilities at Fordo and Natanz, the United Nations’ nuclear watchdog said Friday, further raising tensions over Tehran’s program as it enriches at near weapons-grade levels.
The notice from the International Atomic Energy Agency only mentioned Iran enriching uranium with new centrifuges to 5 percent purity, far lower than the 60 percent it currently does — likely signaling that it still wants to negotiate with the West and the incoming administration of President-elect Donald Trump.
However, it remains unclear how Trump will approach Iran once he enters office, particularly as it continues to threaten to attack Israel amid its war on Hamas in the Gaza Strip and just after a ceasefire started in its campaign in Lebanon. Trump withdrew America from Iran’s nuclear deal with world powers in 2018, setting in motion a series of attacks and incidents across the wider Mideast.
Iran’s mission to the United Nations did not respond to a request for comment over the IAEA’s report. Tehran had threatened to rapidly advance its program after the Board of Governors at the IAEA condemned Iran at a meeting in November for failing to cooperate fully with the agency.
In a statement, the IAEA outlined the plans Iran informed it of, which include feeding uranium into some 45 cascades of its advanced IR-2M, IR-4 and IR-6 centrifuges.
Cascades are a group of centrifuges that spin uranium gas together to more quickly enrich the uranium. Each of these advanced classes of centrifuges enrich uranium faster than Iran’s baseline IR-1 centrifuges, which have been the workhorse of the country’s atomic program. The IAEA did not elaborate on how many machines would be in each cascade but Iran has put around 160 centrifuges into a single cascade in the past.
It’s unclear if Iran has begun feeding the uranium yet into the centrifuges. Tehran so far has been vague about its plans. But starting the enrichment at 5 percent gives Tehran both leverage at negotiations with the West and another way to dial up the pressure if they don’t like what they hear. Weapons-grade levels of enrichment are around 90 percent.
Since the collapse of Iran’s 2015 nuclear deal with world powers following the US’ unilateral withdrawal from the accord in 2018, it has pursued nuclear enrichment just below weapons-grade levels. US intelligence agencies and others assess that Iran has yet to begin a weapons program.
The US State Department said in a statement to The Associated Press it was “deeply concerned with Iran’s announcement that it is choosing the path of continued escalation as opposed to cooperation with the IAEA.”
“Iran’s continued production and accumulation of uranium enriched up to 60 percent has no credible civilian justification,” it added.
Iran, as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons, has pledged to allow the IAEA to visit its atomic sites to ensure its program is peaceful. Tehran also had agreed to additional oversight from the IAEA as part of the 2015 nuclear deal, which saw sanctions lifted in exchange for drastically limiting its program.
However, for years Iran has curtailed inspectors’ access to sites while also not fully answering questions about other sites where nuclear material has been found in the past after the deal’s collapse.
Iranian officials in recent months, including Supreme Leader Ayatollah Ali Khamenei and reformist President Masoud Pezeshkian, had signaled a willingness to negotiate with the West. But Iran also has launched two attacks on Israel amid the war.
Kazem Gharibabadi, an Iranian diplomat, said in a post on the social platform X that he met with EU diplomat Enrique Mora, criticizing Europe as being “self-centered” while having “irresponsible behavior.”
“With regard to the nuclear issue of Iran, Europe has failed to be a serious player due to lack of self-confidence and responsibility,” Gharibabadi wrote.
For his part, Mora described having a “frank discussion” with Gharibabadi and another Iranian diplomat. Those talks included “Iran’s military support to Russia that has to stop, the nuclear issue that needs a diplomatic solution, regional tensions (important to avoid further escalation from all sides) and human rights,” he wrote on X.

Fishers at a Lebanese port hope ceasefire with Israel means normal life is returning

Fishers at a Lebanese port hope ceasefire with Israel means normal life is returning
Updated 30 min 21 sec ago
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Fishers at a Lebanese port hope ceasefire with Israel means normal life is returning

Fishers at a Lebanese port hope ceasefire with Israel means normal life is returning
  • Israel earlier imposed a siege on southern Lebanon that kept hundreds of fishers on shore, upending their lives and the industry
  • The possibility of renewed Lebanese fishing on the country’s southern coast is helping fuel hope for a brighter future

TYRE, Lebanon: The ceasefire between Israel and Hezbollah brought hope for normality back to many in southern Lebanon on Friday, including fishermen who have long launched their single-engine wooden boats into the Mediterranean at dawn.
During the last two months of its year fighting Hezbollah, Israel imposed a siege on southern Lebanon that kept hundreds of fishers at this ancient Phoenician port on shore, upending their lives and the industry.
While less important than destruction and displacement, the port siege cut many people off from the key ingredients for traditional Lebanese dishes like sayadiyeh — fish and rice boiled in fish sauce — or fried and grilled fish eaten with dips such as hummus and tabbouleh or fattoush salads.
The loss of fish damaged a deep association with home, but now the possibility of renewed Lebanese fishing on the country’s southern coast is helping fuel hope for a brighter future.
On Friday, a few boats went out close to the shore as fishers in the port worked on the nets of small boats painted white, blue or red.
Hussein Sukmani, 55, said Friday that he was considering going to sea in coming days but was waiting to see how things unfold.
He hasn’t dared set sail since the Israel-Hezbollah war dramatically intensified on Sept. 23. “They were days of fear and horror,” he said. “They were the most difficult days of our lives.”
A week ago, a drone strike killed two young fishers in the city as they prepared their nets on the coast, and some fishermen said Friday that the Lebanese army told them that they if headed out it would be at their own risk .
Among those who sailed near the coast on Friday was Walid Darwish, who returned to the port with two plastic boxes filled with mullet.
“Today is the first time that we sail,” Darwish said, adding that fishers had missed the prime season in October and November.
“We lost it,” he said.
The Israeli army barred any boats from an area 50 kilometers (31 miles) from the border in October and has not said whether the warning is still in effect.
Sukmani said that most of the 700 fishers who work on the 270 boats at the port have not sailed out of concern since then.
The area around the port is a predominantly Christian neighborhood that has been spared much of the airstrikes on other parts of Tyre that leveled buildings in this city.
In peaceful times, the port is a major tourist attraction, beloved by Lebanese and foreigners who come for the views, the restaurants and the beaches.
On Friday, Mohammed Hammoud walked along the coast of Tyre carrying his fishing rod.
“It is enough that someone is able to stand in this beautiful area,” he said, pointing to the white sands. “Fishing is everything for me,” added Hammoud, who went to fish several times in the area north of the city of Sidon that was not part of the siege.
In the old market of Tyre, Gilbert Spiridon watched from inside his shop as people came to buy freshly brought fish. Before the war, it took hours to sell all his fish to people from around Lebanon.
“All I wish is that the war has ended and we are back on track to the old good days,” he said.


Syrian army closes airport and roads as rebels sweep into Aleppo

Syrian army closes airport and roads as rebels sweep into Aleppo
Updated 30 November 2024
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Syrian army closes airport and roads as rebels sweep into Aleppo

Syrian army closes airport and roads as rebels sweep into Aleppo
  • Opposition fighters carried out surprise sweep through government-held towns this week
  • Russia, a key ally of Assad, has promised Damascus extra military aid to thwart the rebels

AMMAN: Syrian authorities closed Aleppo airport as well as all roads leading into the city on Saturday, three military sources told Reuters, as rebels opposed to President Bashar Assad said they had reached the heart of Aleppo.
The opposition fighters, led by the Islamist militant group Hayat Tahrir Al-Sham, carried out a surprise sweep through government-held towns this week and reached Aleppo nearly a decade after having been forced out by Assad and his allies.
Russia, one of Assad’s key allies, has promised Damascus extra military aid to thwart the rebels, two military sources said, adding new hardware would start arriving in the next 72 hours.
The Syrian army has been told to follow “safe withdrawal” orders from the main areas of the city that the rebels have entered, three army sources said.
The rebels began their incursion on Wednesday and by late Friday an operations room representing the offensive said they were sweeping through various neighborhoods of Aleppo.

They are returning to the city for the first time since 2016, when Assad and his allies Russia, Iran, and regional Shiite militias retook it, with the insurgents agreeing to withdraw after months of bombardment and siege.
Mustafa Abdul Jaber, a commander in the Jaish Al-Izza rebel brigade, said their speedy advance this week had been helped by a lack of Iran-backed manpower in the broader Aleppo province. Iran’s allies in the region have suffered a series of blows at the hands of Israel as the Gaza war has expanded through the Middle East.
The opposition fighters have said the campaign was in response to stepped-up strikes in recent weeks against civilians by the Russian and Syrian air force on areas in rebel-held Idlib, and to preempt any attacks by the Syrian army.
Opposition sources in touch with Turkish intelligence said Turkiye, which supports the rebels, had given a green light to the offensive.
But Turkish foreign ministry spokesperson Oncu Keceli said on Friday that Turkiye sought to avoid greater instability in the region and had warned recent attacks undermined de-escalation agreements.
The attack is the biggest since March 2020, when Russia and Turkiye agreed to a deal to de-escalate the conflict.

CIVILIANS KILLED IN FIGHTING
On Friday, Syrian state television denied rebels had reached the city and said Russia was providing Syria’s military with air support.
The Syrian military said it was fighting back against the attack and had inflicted heavy losses on the insurgents in the countryside of Aleppo and Idlib.
David Carden, UN Deputy Regional Humanitarian Coordinator for the Syria Crisis, said: “We’re deeply alarmed by the situation unfolding in northwest Syria.”
“Relentless attacks over the past three days have claimed the lives of at least 27 civilians, including children as young as 8 years old.”
Syrian state news agency SANA said four civilians including two students were killed on Friday in Aleppo by insurgent shelling of university student dormitories. It was not clear if they were among the 27 dead reported by the UN official.
Kremlin spokesman Dmitry Peskov said on Friday that Moscow regarded the rebel attack as a violation of Syria’s sovereignty.
“We are in favor of the Syrian authorities bringing order to the area and restoring constitutional order as soon as possible,” he said.


What to know about sudden rebel gains in Syria’s 13-year war and why it matters

What to know about sudden rebel gains in Syria’s 13-year war and why it matters
Updated 30 November 2024
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What to know about sudden rebel gains in Syria’s 13-year war and why it matters

What to know about sudden rebel gains in Syria’s 13-year war and why it matters
  • It was the first opposition attack on Aleppo since 2016, when an air campaign by Russian warplanes helped Syrian President Bashar Assad retake the northwestern city
  • The roughly 30 percent of the country not under Assad is controlled by a range of opposition forces and foreign troops, including Turkish and US forces and their allies

WASHINGTON: The 13-year civil war in Syria has roared back into prominence with a surprise rebel offensive on Aleppo, one of Syria’s largest cities and an ancient business hub. The push is among the rebels’ strongest in years in a war whose destabilizing effects have rippled far beyond the country’s borders.
It was the first opposition attack on Aleppo since 2016, when a brutal air campaign by Russian warplanes helped Syrian President Bashar Assad retake the northwestern city. Intervention by Russia, Iran and Lebanon's Hezbollah militia and other groups has allowed Assad to remain in power, within the 70 percent of Syria under his control.
The surge in fighting has raised the prospect of another violent front reopening in the Middle East, at a time when US-backed Israel is fighting Hamas in Gaza and Hezbollah in Lebanon.
Robert Ford, the last-serving US ambassador to Syria, pointed to months of Israeli strikes on Syrian and Hezbollah targets in the area, and to Israel’s ceasefire with Hezbollah in Lebanon this week, as factors providing Syria’s rebels with the opportunity to advance.
Here’s a look at some of the key aspects of the new fighting:
Why does the fighting at Aleppo matter?
Assad has been at war with opposition forces seeking his overthrow for 13 years, a conflict that’s killed an estimated half-million people. Some 6.8 million Syrians have fled the country, a refugee flow that helped change the political map in Europe by fueling anti-immigrant far-right movements.
The roughly 30 percent of the country not under Assad is controlled by a range of opposition forces and foreign troops. The US has about 900 troops in northeast Syria, far from Aleppo, to guard against a resurgence by the Daesh group. Both the US and Israel conduct occasional strikes in

 

Syria against government forces and Iran-allied militias. Turkiye has forces in Syria as well, and has influence with the broad alliance of opposition forces storming Aleppo.
Coming after years with few sizeable changes in territory between Syria’s warring parties, the fighting “has the potential to be really quite, quite consequential and potentially game-changing,” if Syrian government forces prove unable to hold their ground, said Charles Lister, a longtime Syria analyst with the US-based Middle East Institute. Risks include if Daesh fighters see it as an opening, Lister said.
Ford said the fighting in Aleppo would become more broadly destabilizing if it drew Russia and Turkiye — each with its own interests to protect in Syria — into direct heavy fighting against each other. 

The US and UN have long designated the opposition force leading the attack at Aleppo — Hayat Tahrir Al-Sham, known by its initials HTS — as a terrorist organization.
Its leader, Abu Mohammed Al-Golani, emerged as the leader of Al-Qaeda’s Syria branch in 2011, in the first months of Syria’s war. His fight was an unwelcome intervention to many in Syria’s opposition, who hoped to keep the fight against Assad’s brutal rule untainted by violent extremism.
Golani early on claimed responsibility for deadly bombings, pledged to attack Western forces and sent religious police to enforce modest dress by women.
Golani has sought to remake himself in recent years. He renounced his Al-Qaeda ties in 2016. He’s disbanded his religious police force, cracked down on extremist groups in his territory, and portrayed himself as a protector of other religions. That includes last year allowing the first Christian Mass in the city of Idlib in years.
What’s the history of Aleppo in the war?
At the crossroads of trade routes and empires for thousands of years, Aleppo is one of the centers of commerce and culture in the Middle East.
Aleppo was home to 2.3 million people before the war. Rebels seized the east side of the city in 2012, and it became the proudest symbol of the advance of armed opposition factions.
In 2016, government forces backed by Russian airstrikes laid siege to the city. Russian shells, missiles and crude barrel bombs — fuel canisters or other containers loaded with explosives and metal — methodically leveled neighborhoods. Starving and under siege, rebels surrendered Aleppo that year.
The Russian military’s entry was the turning point in the war, allowing Assad to stay on in the territory he held.
This year, Israeli airstrikes in Aleppo have hit Hezbollah weapons depots and Syrian forces, among other targets, according to an independent monitoring group. Israel rarely acknowledges strikes at Aleppo and other government-held areas of Syria.


As Syrian rebels sweep into Aleppo, army closes airport and roads, sources say

As Syrian rebels sweep into Aleppo, army closes airport and roads, sources say
Updated 30 November 2024
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As Syrian rebels sweep into Aleppo, army closes airport and roads, sources say

As Syrian rebels sweep into Aleppo, army closes airport and roads, sources say

AMMAN: Syrian authorities closed Aleppo airport as well as all roads leading into the city on Saturday, three military sources told Reuters, as rebels opposed to President Bashar Assad said they had reached the heart of Aleppo.
The opposition fighters, led by the Islamist militant group Hayat Tahrir Al-Sham, carried out a surprise sweep through government-held towns this week and reached Aleppo nearly a decade after having been forced out by Assad and his allies.
Russia, one of Assad’s key allies, has promised Damascus extra military aid to thwart the rebels, two military sources said, adding new hardware would start arriving in the next 72 hours.
The Syrian army has been told to follow “safe withdrawal” orders from the main areas of the city that the rebels have entered, three army sources said.
The rebels began their incursion on Wednesday and by late Friday an operations room representing the offensive said they were sweeping through various neighborhoods of Aleppo.

HIGHLIGHTS

• Rebels opposed to Assad return to city after nearly a decade

• Aleppo airport has been closed, military sources say

• Damascus expects Russian hardware to arrive soon, sources say

They are returning to the city for the first time since 2016, when Assad and his allies Russia, Iran, and regional Shiite militias retook it, with the insurgents agreeing to withdraw after months of bombardment and siege.
Mustafa Abdul Jaber, a commander in the Jaish Al-Izza rebel brigade, said their speedy advance this week had been helped by a lack of Iran-backed manpower in the broader Aleppo province. Iran’s allies in the region have suffered a series of blows at the hands of Israel as the Gaza war has expanded through the Middle East.
The opposition fighters have said the campaign was in response to stepped-up strikes in recent weeks against civilians by the Russian and Syrian air force on areas in rebel-held Idlib, and to preempt any attacks by the Syrian army.
Opposition sources in touch with Turkish intelligence said Turkiye, which supports the rebels, had given a green light to the offensive.
But Turkish foreign ministry spokesperson Oncu Keceli said on Friday that Turkiye sought to avoid greater instability in the region and had warned recent attacks undermined de-escalation agreements.
The attack is the biggest since March 2020, when Russia and Turkiye agreed to a deal to de-escalate the conflict.

CIVILIANS KILLED IN FIGHTING
On Friday, Syrian state television denied rebels had reached the city and said Russia was providing Syria’s military with air support.
The Syrian military said it was fighting back against the attack and had inflicted heavy losses on the insurgents in the countryside of Aleppo and Idlib.
David Carden, UN Deputy Regional Humanitarian Coordinator for the Syria Crisis, said: “We’re deeply alarmed by the situation unfolding in northwest Syria.”
“Relentless attacks over the past three days have claimed the lives of at least 27 civilians, including children as young as 8 years old.”
Syrian state news agency SANA said four civilians including two students were killed on Friday in Aleppo by insurgent shelling of university student dormitories. It was not clear if they were among the 27 dead reported by the UN official.
Kremlin spokesman Dmitry Peskov said on Friday that Moscow regarded the rebel attack as a violation of Syria’s sovereignty.
“We are in favor of the Syrian authorities bringing order to the area and restoring constitutional order as soon as possible,” he said.