YEMEN Press Agency

Yemeni riyal stabilizes against foreign currencies

SANAA, Nov. 23 (YPA) – The Yemeni riyal stabilized on Saturday after witnessing a significant decline against foreign currencies, influenced by the signing of the Riyadh agreement between the armed factions loyal to the occupying countries, to reach 580 riyal per dollar.

Banking sources attributed the instability of the Yemeni riyal to arbitrary decisions had been 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 provinces of Yemen.

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.