Yemeni riyal continues to decline against foreign currencies

SANAA, Dec.18 (YPA) – The Yemeni riyal on Wednesday continued to fall against foreign currencies in the local financial markets to reach 607 riyals per dollar.

The Yemeni riyal devaluation came as a result of the ongoing conflict between militias loyal to Saudi Arabia and the UAE in the occupied southern provinces, as well as arbitrary decisions that had been taken by former governor of Aden central bank Hafedh Meayad, 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