Minister of Industry Warns Price Manipulators of Deterrent Penalties
Yemen Monitor – Newsroom:
Minister of Industry and Trade Mohamed Al-Ashwal issued a wide-ranging appeal to local authorities, security forces, judicial bodies, community leaders, mosque preachers, and media professionals to cooperate effectively with the field inspection teams that have begun deploying to markets to enforce price controls.
The minister, in remarks carried by the official Yemeni News Agency “Saba,” confirmed that the ministry’s inspection teams and its provincial offices have begun their monitoring duties in the markets to ensure that merchants comply with fair pricing, coinciding with the recent improvement in the exchange rate of the local currency.
Al-Ashwal emphasized the necessity for traders and suppliers to adhere to equitable prices, warning of punitive measures that could include revocation of commercial registrations and publishing the names of violators on a blacklist.
He added that the government is proceeding with its economic recovery plan, which includes financial and administrative reforms, intensified market oversight, and regulating the import bill in coordination with the Central Bank, and the commercial and financial sectors.
The minister noted that the success of this campaign depends on the support of authorities, relevant stakeholders, and active members of society, stressing that violators will be referred to the competent prosecution without leniency.
These directives come alongside an improvement in the Yemeni rial’s exchange rate against foreign currencies, following measures taken by the Central Bank of Yemen in Aden targeting currency speculators among exchange companies.
