Yemeni riyal drops again against foreign currencies

SANAA, Nov. 16 (YPA) – The Yemeni riyal resumed its decline on Saturday after a week of restoring part of its recovery against foreign exchange rates in the local financial markets to reach 574 riyals per dollar.

This came after the arrival of a new batch of Yemeni currency printed in Russia to the Central Bank in Aden province.

The instability of the national currency rate comes as a result of arbitrary decisions recently taken by former governor of Aden central bank Hafedh Meayad and the ongoing conflict between militias loyal to Saudi Arabia and the UAE in the occupied province of Aden, according to banking sources.

The sources explained that those measures have increased the sharp inflation in the Yemeni economy, which collapsed due to the restriction of foreign imports and the movement of goods internally between the governorates and externally to and from Yemen, and as a result of the war and siege, as well as flooding the Yemeni market with banknotes printed in Russia without financial cover.

YPA