Yemeni riyal continues to recover against foreign currencies

SANAA, Oct. 30 (YPA) – Yemeni riyal on Wednesday continued to recover against foreign exchange rates in local financial markets weeks after a significant decline to stop at 577 riyals per dollar.

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 provinces 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