Yemeni riyal hits lowest level against foreign currencies in southern provinces

SANAA, Jul. 14 (YPA) – The Yemeni riyal exchange rate on Wednesday continued to fall against foreign currencies in the southern provinces, hitting 1,005 riyals per dollar in Aden and Hadramout provinces.

This came after “Hadi’s government” loyal to Saudi-led coalition dumped the local financial markets in the southern provinces with more currency that was illegally printed in Russia.

Economists attribute the reason for the deterioration of the riyal in Aden to the Hadi government’s printing more than five trillion riyals without insurance.

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