Frightening decline of Yemeni riyal stops currencies trading in southern provinces

SANAA, Jul. 05 (YPA) – The Yemeni riyal exchange rate on Monday hit a new decline against foreign currencies in all southern provinces, reaching 962 riyals per one dollar in Aden and Hadramout provinces.

In turn, the Association of Money Changers in Aden, southern Yemen, decided to stop all sales and purchases of foreign currencies in the exchange market in the southern provinces under the control of the Saudi-led coalition forces, starting from Tuesday, after the sharp collapse of the local currency.

This came after the “Hadi government” loyal to the coalition dumped the local markets in the southern provinces with more illegally-printed currency.

Meanwhile, the Yemeni riyal exchange rate in the capital, Sanaa, remained stable at 600 riyals to the dollar. As for the average dollar exchange rate on the black market, it reached 605 riyals.

YPA