Yemeni riyal continues to recover against foreign currencies

SANAA, Oct. 23 (YPA) – Yemeni riyal continued recovering its stability weeks after a significant decline against foreign exchange rates in local financial markets to stop at 598 riyals per dollar on Wednesday.

Banking sources attributed the riyal’s decline to 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 the sources, these 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