Yemeni riyal loses against foreign currencies

SANAA, Aug. 25 (YPA) – The Yemeni riyal has lost more than half its value against the foreign currencies over this month, according to banking sources on Sunday.

The sources said that a dollar now worth 603 riyals on official markets due to the war and economic siege imposed by Saudi-led coalition on Yemen since 2015.

Saudi-backed resigned Hadi’s government has worked currency speculation and issued arbitrary measures for manipulation of exchange rates without economic justification.

The cessation of oil exports, and targeting economic facilities are among the factors contributing to the collapse of the rial, which caused increasing food and fuel prices and suffering of the Yemenis, the sources added.

AA