Yemeni riyal records significant decrease against foreign currencies

SANAA, Dec. 9 (YPA) – The exchange of the Yemeni riyal on Monday decreased significantly against the exchange rates of foreign currencies in the local financial markets, reaching 602 riyals per dollar.

The instability of the Yemeni riyal came as a result of 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, Banking sources told Yemen Press Agency.

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