Yemeni riyal continues to decline against foreign currencies

SANAA, July 27 (YPA) – The Yemeni riyal on Saturday continued to decline against foreign currencies in the local financial markets to reach 589 riyals per dollar, influenced by the differences of leaders of the central bank of Aden and flooding of the markets with new currency printed in Russia.

The recent arbitrary measures taken by governor of the Central Bank of Aden Hafedh Maydad via addressing the international financial remittance companies to stop dealing with institutions and exchange companies licensed from the Central Bank in Sanaa, which represent 85% of the total exchange sector, have further aggravated the economic situation and caused the collapse of the currency, sources told Yemen Press Agency.

“This assures that Mayad is running Saudi-led coalition countries’ agenda in their economic war against Yemen,” the sources added.

The price of US dollar in the capital Sanaa hit 585 Yemeni riyals, 586 riyals in Aden, 588.5 riyals in Hadramout, and 585 riyals the black market, while the exchange rate of one dollar in the Central Bank of Sanaa reached 250 riyals, in the central bank of Aden to 495 riyals, and in other Yemeni banks in the capital Sanaa to 440 riyals.

YPA