The Yemeni government continued this week to exert efforts for curbing both hiking costs of living and the downward spiral its national currency has been taking. But Iran-backed Houthi militias pushed forth with their agenda to target the local economy by imposing illicit royalties on goods and fuel. For its part, Yemen’s Central Bank approved increasing interest rate on deposits to a record level, hoping to attract depositors and replenish cash reserves, meeting government and market needs. Senior presidential economic adviser Hafez Muayyad confirmed that the decision stipulated raising the interest rate on deposit up to 27 percent and increasing the rate of government bonds to 17 percent. More so, Muayyad explained that the Central Bank, in coordination with the government, decided to disburse $100 million for opening market credits for basic commodities and living necessities. In an effort to facilitate the import of essential goods, the Central Bank demanded all local banks to swiftly open credit lines and submit them for approval. As part of government measures approved by the Economic Committee, the Bank decided to open funds for commodity traders that do not exceed $200,000. It also decided to cover foreign currency purchases by $2,000 or its equivalent for citizens traveling for treatment. In order to avoid the depletion and smuggling of banknotes, the Bank halted any cash withdrawal of over $10,000 without first getting approved by the Central Bank. All security and customs officials at all ports as well as relevant authorities in neighboring countries were informed of the measures. Muayyad said that the Bank drafted and implemented such measures answering to its constitutional duty to preserve economic stability under difficult and complex circumstances. He stressed that the protection of economic stability is a social responsibility which is entrusted to government institutions to serve all Yemenis.