Yemeni riyal continues to fall against foreign currencies

SANAA, Dec. 25 (YPA) – The Yemeni riyal exchange rate on Wednesday continued to decline against foreign currencies reaching at 608 riyals per dollar in the local financial markets.

The riyal devaluation came as a result of the ongoing conflict between militias loyal to Saudi Arabia and the UAE in the occupied southern provinces of Aden and Abyan, banking sources told Yemen Press Agency.

The sources indicated that arbitrary decisions that had been taken by former governor of Aden central bank Hafedh Meayad 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, as well as flooding the Yemeni market with banknotes printed in Russia without a financial cover.

YPA