Yemeni riyal continues to decline against foreign currencies

SANAA, Aug. 3 (YPA) – The Yemeni riyal continued on Saturday to stabilize against foreign exchange rates in the local financial markets to stop at 589.5 riyals per dollar, influenced by differences of leaders of the central bank of Aden and flooding the markets with the printed currency in Russia.

Banking sources attributed that to arbitrary measures taken recently by governor of the central bank of Aden Hafedh Maydad to address the international financial remittance companies to stop dealing with institutions and exchange companies licensed from the Central Bank in Sanaa. This has further aggravated the economic situation and caused the collapse of the currency.

Mayad’s decisions affirm that he is running an agenda in favor of Saudi-led coalition countries and serve their economic war against Yemen, the sources added.

YPA