Yemeni riyal recovers in Sanaa, declines in southern provinces

SANAA, Dec. 29 (YPA) – The Yemeni riyal exchange rate on Sunday recovered against foreign currencies in the capital Sanaa to stop at 581 riyals per dollar, while it fell dramatically in the occupied southern provinces to reach 612 riyals per dollar.

This came after the Central Bank in Sanaa decided to withdraw the illegal printed currency by Hadi’s government without cover from the areas located under the control of the Supreme Political Council.

The Yemeni riyal exchange rate has recently devalued 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 attributed that to arbitrary decisions that had been taken by former governor of Aden central bank Hafedh Meayad.

Observers saw that those decisions have increased the sharp inflation in the Yemeni economy, which already witnessed collapse due to the restriction of foreign imports and the movement of goods internally between the provinces and externally to and from Yemen, as well as flooding the Yemeni market with banknotes printed in Russia without a financial cover.

YPA