Banking Sector Conflict

The banking sector in Yemen is once again facing the arrogance and recklessness of warring factions, who have placed banks and financial institutions in the crosshairs as a new round of conflict ignites. This conflict disregards the multifaceted impacts on this vital sector, the worsening economic situation, and the general well-being of the population across the country.

In all circumstances, the general public is indifferent to the extent of the damage inflicted by the warring parties upon each other, or the spoils reaped, whether in peace or war. What concerns them most is the impact of developments and interactions on their interests, living conditions, the value of the Yemeni rial against foreign currencies, their income from salaries, incentives, and allowances, the prices of essential goods, and public services.

Have you heard any official addressing the public with a clear vision of the goals behind this escalation and its impact on their livelihoods? Have you heard of any parallel steps addressing the black holes exposed by Dr. Mohammad Halboob, Chairman of the National Bank, in a lengthy interview with Aden Al-Ghad newspaper? Dr. Halboob, as an expert, revealed serious crimes directly affecting people's livelihoods, interests, services, and sources of income.

Placing banks and commercial and private financial institutions in the crosshairs of warring factions, treating them with hostility, issuing hasty and ill-considered decisions against them, and launching widespread campaigns to undermine and incite against them, represents a small part of a broad-scale targeting of the private sector in Yemen. This sector, during years of war, has worked to keep lifelines connected across various regions of Yemen and to fill enormous gaps resulting from the collapse of state institutions over the years of conflict, despite all the challenges, risks, and difficulties created by the war.

The parties need to find ways to engage in their existential conflicts directly, without using civilians (infrastructure, institutions, issues, and individuals) as shields for confrontation or as tools for pressure and maneuvering, as is happening now with the recent escalation leading to arbitrary decisions against banks and financial institutions.