Houthi oil facility attacks blamed for Yemeni riyal’s new slide

Yemeni riyal banknotes are seen at a currency exchange office in the Yemeni city of Taiz. (File/AFP)
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Updated 27 December 2022
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Houthi oil facility attacks blamed for Yemeni riyal’s new slide

  • The riyal was exchanged at 1,200 per dollar in Aden, Al-Mukalla and other liberated areas on Tuesday compared to 1,170 last week

AL-MUKALLA: The Yemeni riyal began plummeting in government-controlled areas this week, days after the head of the Presidential Leadership Council said his government will be unable to pay public employees due to Houthi strikes.

The riyal was exchanged at 1,200 per dollar in Aden, Al-Mukalla and other liberated areas on Tuesday compared to 1,170 last week, erasing months of improvement over the previous nine months.

In April, the value of the riyal increased by around 13 percent, rising to over 1,000 against the dollar from around 1,260 after the UN-brokered ceasefire went into force and the presidential council was formed.

The riyal sustained its recovery in the months after the founding of the council and the announcement of the Saudi and Emirati contribution of $3 billion to the Yemeni economy.

Traders said this week that the riyal started to decline apparently in response to Rashad Al-Alimi’s warning last week that the government will not pay public workers on its territory because Houthi drone attacks on oil installations in Hadramout and Shabwa had halted oil exports, the government’s principal source of income.

Previous waves of currency devaluation in Yemen have driven up the costs of gasoline, transportation, food and other essentials, exacerbating the already dire humanitarian catastrophe and driving millions of Yemenis to starvation.

In October, the Houthis started attacking oil facilities in Hadramout and Shabwa in an effort to compel the government to accept their demand of sharing oil earnings and paying public personnel in regions under their control who had not been paid since late 2016.

Mustafa Nasr, director of the Economic Media Center, told Arab News on Tuesday that the current devaluation of the riyal is expected in the wake of Houthi strikes, and that the currency may fall further if the central bank exhausts its foreign currency reserves.

“Given the cessation of oil shipments from the ports, the drop is expected. Due to the existence of certain cash reserves at the central bank, the current degree of deterioration is within normal bounds,” Nasr said.

“However, the scenario would be disastrous if the central bank stops selling the currency, and the riyal will drastically depreciate.”

The riyal was valued at 250 per dollar at the beginning of 2015, and hit an all-time low of 1,700 per dollar in December 2021.

Among other measures, the government shut down unlicensed exchange firms and firms engaged in currency transactions, provided local traders and importers with dollars, and requested that Sanaa-based financial institutions relocate their operations to Aden in order to prevent the devaluation of the riyal.

The latest devaluation comes as the UN painted a bleak picture of Yemen’s humanitarian situation in 2023, estimating that 21.6 million Yemenis — 75 percent of whom are women and children — out of the country’s 32.6 million population will require humanitarian assistance, with 13.4 million requiring immediate assistance.

In its Humanitarian Needs Overview published on Tuesday, the UN Office for the Coordination of Humanitarian Affairs said 20.3 million Yemenis will need assistance to access vital health services, 17.3 million will need food assistance, 15.3 million will need assistance to access clean water and meet basic sanitation needs, and 2.2 million children will need nutrition support.

The UN said the depreciation of the riyal will continue in the next year due to the drop in money transfers from outside, as well as the decline in foreign currency reserves and oil exports.

“The significant reduction in remittances, oil exports and foreign currency reserves, coupled with the division in the country’s governmental financial structures, will be the main drivers of a continued depreciation of the YER (riyal),” OCHA’s report said.


Iran to hold presidential election on June 28: state media

Updated 5 sec ago
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Iran to hold presidential election on June 28: state media

The election calendar was approved at the meeting of the heads of the judiciary, government, and parliament

TEHRAN: Iran announced Monday it will hold presidential elections on June 28, state media reported, following the death of President Ebrahim Raisi and his entourage in a helicopter crash.
“The election calendar was approved at the meeting of the heads of the judiciary, government, and parliament,” state television said.
“According to the initial agreement of the Guardian Council, it was decided that the 14th presidential election will be held on June 28.”

US says Houthis fired ballistic missile over Gulf of Aden

Updated 20 May 2024
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US says Houthis fired ballistic missile over Gulf of Aden

  • “This continued malign and reckless behavior by the Iranian-backed Houthis threatens regional stability and endangers the lives of mariners,” CENTCOM said
  • The Houthis did not claim credit for any fresh assaults on Monday, but they regularly do days later

AL-MUKALLA: Yemen’s Houthi militia launched a ballistic missile over the Gulf of Aden on Sunday, the US military said.
This comes as the Houthis intensified attacks on Yemeni government soldiers around the country.
The US military said in a statement on Monday morning Yemen time that at about 9:35 p.m. (Sanaa time) on Sunday, the Houthis launched one anti-ship ballistic missile from Yemen over the Gulf of Aden, but neither the US-led coalition nor international commercial ships reported being hit by the missile.
“This continued malign and reckless behavior by the Iranian-backed Houthis threatens regional stability and endangers the lives of mariners across the Red Sea and Gulf of Aden,” CENTCOM said.
The Houthis did not claim credit for any fresh assaults on Monday, but they regularly do days later.
The Houthis’ newest missile launch is part of an escalation of missile and drone strikes against commercial and navy ships in international seas near Yemen as well as in the Indian Ocean, which the Houthis claim are in support of Palestine.
The Houthis attacked dozens of ships with hundreds of ballistic missiles, drones and drone boats during their campaign against ships, which started in November.
They also took control of one commercial ship and destroyed another.
The US military said on Saturday that a Greek-owned and operated oil tanker heading toward China in the Red Sea, flying the flag of Panama, barely avoided being struck by a ballistic missile launched by the Houthis.
Meanwhile, four Yemeni government troops were killed on Monday while battling the Houthis in the province of Taiz, bringing the total number of soldiers killed in Houthi attacks to 11 in less than a week.
Local media said that the government’s Nation’s Shield Forces engaged in heavy fighting with the Houthis in the Hayfan area, on the border between Taiz and Lahj provinces, that left four of its soldiers dead.
On Saturday, a soldier from the same Yemeni military unit was killed and another injured while defending their position in Haydan against a Houthi onslaught.
Six more Yemeni soldiers from the government’s Giants Brigades were killed on Saturday in fighting with the Houthis in the Al-Abadia region of Marib’s central province.
On Monday, the Houthis held a military burial procession in Sanaa for two of their troops killed while battling with Yemeni government forces.
The Houthis have organized similar funerals for hundreds of fighters who have died on the front lines ever since the UN-brokered ceasefire came into effect in April 2022.
At the same time, official media said that Yemen’s Defense Minister Lt. Gen. Mohsen Al-Daeri met the UN Yemen envoy’s military adviser, General Antony Hayward, in Aden on Sunday to discuss Houthi attacks on government troops across the country, peace efforts to end the war, and the smuggling of Iranian weapons to the Houthis.
Al-Daeri said that the Houthis had breached agreements with the Yemeni government and would continue to pose a danger to international maritime lines as long as they controlled Yemeni territory on the Red Sea.
He also accused Iran of continuing to supply weapons and military officers to the Houthis through direct journeys from Iran’s Bandar Abbas port to the Houthi-controlled Hodeidah port.
On Monday, UN experts, including Nazila Ghanea, special rapporteur on freedom of religion or belief, urged the Houthis to release five members of the Bahai religious minority and to stop persecuting religious minorities in regions they control.
“We urge the de facto authorities to release these five individuals immediately and refrain from any further action that may jeopardize their physical and psychological integrity,” the experts said.
Armed Houthis abducted 17 Bahais, including five women, after bursting into a meeting in Sanaa a year ago, and they have refused to release them despite local and international requests.
According to the UN experts, the Houthis released 12 Bahais under “very strict conditions” after signing a written pledge not to communicate with other sect members, avoid religious activities and not leave cities without permission, and that the Houthis continue to hold five who are at risk of mistreatment by their captors.
“We are concerned that they continue to be at serious risk of torture and other human rights violations, including acts tantamount to enforced disappearance,” the UN experts said.


Egypt mourns death of Iran’s president

A person walks past a banner with a picture of the late Iran’s President Ebrahim Raisi on a street in Tehran, Iran May 20, 2024.
Updated 20 May 2024
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Egypt mourns death of Iran’s president

  • The Egyptian president expressed Egypt’s solidarity with the leadership and people of Iran during this tragic time

CAIRO: Egypt mourned the deaths of Iran’s President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian.

Egypt’s presidency said in a statement: “It is with deep grief and sorrow that the Arab Republic of Egypt mourns the death of the President of the Islamic Republic of Iran, Ebrahim Raisi, Iran’s Minister of Foreign Affairs Hossein Amir-Abdollahian and their escorts on Sunday in a tragic crash.

“President Abdel Fattah El-Sisi extends his sincere condolences to the people of Iran, asking Allah to envelop President Raisi and the deceased with his mercy and grant solace and comfort to their families.”

The Egyptian president expressed Egypt’s solidarity with the leadership and people of Iran during this tragic time.

Meanwhile, Egypt’s Minister of Foreign Affairs Sameh Shoukry extended his condolences to the Iranian government and people over the deaths of Raisi and Amir-Abdollahian, according to ministry spokesperson Ahmed Abu Zeid.

A helicopter carrying Raisi, Amir-Abdollahian, and several other officials crashed in mountainous terrain in the country’s northwest on Sunday. On Monday, Tehran announced the deaths of Raisi, Amir-Abdollahian, and their accompanying delegation in the crash.

 


Israel calls ICC prosecutor’s bid for PM arrest warrant a ‘historical disgrace’

Updated 20 May 2024
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Israel calls ICC prosecutor’s bid for PM arrest warrant a ‘historical disgrace’

  • Katz denounced the move as a “scandalous decision” that amounted to “a frontal attack... on the victims of October 7“
  • The minister added that Israel would establish a special committee to fight the ICC prosecutor’s efforts to secure a warrant

JERUSALEM: Israel on Monday slammed as a “historical disgrace” an application by the prosecutor of the International Criminal Court for an arrest warrant for Prime Minister Benjamin Netanyahu.
The prosecutor, Karim Khan, applied for arrest warrants against Netanyahu and Defense Minister Yoav Gallant as well as top Hamas leaders on suspicion of war crimes and crimes against humanity.
Foreign Minister Israel Katz said that Khan “in the same breath mentions the Prime Minister and the Minister of Defense of the State of Israel alongside the abominable Nazi monsters of Hamas — a historical disgrace that will be remembered forever.”
The prosecutor said he was seeking warrants against Netanyahu and Gallant for crimes including “wilful killing,” “extermination and/or murder” and “starvation.”
Katz denounced the move as a “scandalous decision” that amounted to “a frontal attack... on the victims of October 7” when Hamas launched their attack on Israel, sparking the Gaza war.
The minister added that Israel would establish a special committee to fight the ICC prosecutor’s efforts to secure a warrant, and also embark on a diplomatic push against it.
Katz said he planned to “speak with foreign ministers in leading countries of the world so that they oppose the prosecutor’s decision and announce that, even if orders are issued, they do not intend to enforce them on the leaders of the State of Israel.”


35,562 Palestinians killed in Gaza offensive since Oct. 7 — health ministry

Updated 20 May 2024
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35,562 Palestinians killed in Gaza offensive since Oct. 7 — health ministry

  • 106 Palestinians were killed and 176 injured in the past 24 hours

DUBAI: More than 35,562 Palestinians have been killed and 79,652 injured in the Israeli military offensive on Gaza since Oct. 7, the Gaza health ministry said in a statement on Monday.
One hundred and six Palestinians were killed and 176 injured in the past 24 hours, the ministry added.