Yemeni riyal falls significantly against foreign currencies

SANAA, Dec. 8 (YPA) – The Yemeni riyal on Sunday decreased significantly against foreign currencies in the local financial markets to reach at 602 riyals per dollar, influenced by the conflict between the aggression coalition factions in the provinces of Aden and Abyan.

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