YEMEN Press Agency

Yemeni riyal continues to decline against foreign currencies

SANAA, Dec.10 (YPA) – The Yemeni riyal on Tuesday continued to fall against the exchange rates of foreign currencies in the local financial markets, stopping at 602 riyals per dollar.

The Yemeni riyal is influenced by the ongoing conflict between militias loyal to Saudi Arabia and the UAE in the occupied southern provinces of Yemen, as well as arbitrary decisions had been taken by former governor of Aden central bank Hafedh Meayad and, banking sources told Yemen Press Agency.

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, the sources explained.