Exchange shops in southern provinces stop buying foreign currencies due to riyal collapse

SANAA, Jul. 06 (YPA) –The Money Exchangers Association in Aden province, southern Yemen, decided to stop all buying and selling foreign currencies in the exchange market in the southern provinces under the control of the Saudi-led coalition, as of today, Tuesday.

The sharp collapse of the local currency, the riyal, which reached 967 riyals per dollar in Aden and Hadramout province, came as a result of dumping the local markets in the southern provinces with more illegally-printed currency by Hadi’s government loyal to the coalition.

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