Hours after signing Riyadh agreement, Yemeni riyal suffers setback

On Nov 6, 2019 5:24 PM

SANAA, Nov.6 (YPA) – Yemeni riyal witnessed a major decline against foreign currencies in the local markets to reach 574 riyals per dollar on Wednesday a day after the signing of Riyadh agreement between the factions loyal to the occupying countries.

Banking sources had attributed the instability of Yemeni riyal to arbitrary decisions taken by former governor of Aden central bank Hafedh Meayad and the conflict between militias loyal to Saudi Arabia and the UAE in the occupied province of Aden.

The sources explained that those 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