Finance Minister reveals coalition’s role in increasing Yemeni currency inflation

SANAA, Jun. 24 (YPA) – The Minister of Finance in Sanaa government, Dr. Rashid Abu Lahoum, said on Thursday that the Saudi-led coalition’s printing of further illegal local currency is an extension of previous operations aimed at increasing inflation and hitting the exchange rate.

Abu Lahoum revealed, in a press statement, that the exchange rate today in the occupied areas (controlled by the coalition) exceeded 1,000 riyals per dollar, compared to about 600 riyals only in Sanaa and the liberated areas.

The Minister of Finance indicated that there are measures adopted by the Central Bank in Sanaa to counter any attempts to manipulate the exchange rate and the stability of the local currency.

He pointed out that the Sanaa government is working to complete the mechanisms related to electronic cash, and the electronic riyal has become a constant in many official institutions.

“Expanding the scope of the use of the electronic riyal also requires a societal contribution and awareness, and it will have a greater role in neutralizing the local currency from targeting,” Abu Lahoum added.

YPA