Yemeni Riyal stabilizes after decline against foreign currencies

SANAA, Dec. 2 (YPA) – The exchange rate of the Yemeni riyal on Monday stabilized after a significant decline against foreign currencies to reach 591 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 southern 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 a financial cover.

YPA