Yemeni riyal continues to stabilize against foreign currencies

SANAA, Oct. 1 (YPA) – Yemeni riyal exchange rate continued to stabilize after two months of significant decline against foreign exchange rates in local financial markets to stop at 612 riyals per dollar on Tuesday.

Banking sources attributed the riyal’s decline to the differences between the leaders of Aden central bank and the ongoing conflict between the militias loyal to Saudi Arabia and the UAE in the occupied province of Aden.

According to the sources, the arbitrary decisions recently taken by Hadi’s government represented by Aden central bank to stop dealing with institutions and exchange companies licensed from the Central Bank in Sanaa, which represent 85% of the total banking sector, have further exacerbated the economic situation and caused the collapse of the currency.

YPA