Yemeni riyal continues to decline against foreign currencies in southern provinces

SANAA, Jul. 17 (YPA) – The Yemeni riyal exchange rate on Saturday continued to decline against foreign currencies in the southern provinces, reaching 992 riyals per dollar in Aden and Hadramout provinces.

This came as a result of dumping the local financial markets in the southern provinces with more illegal currency printed in Russia by Hadi’s government loyal to Saudi-led coalition.

Economists attributed the reason for the deterioration of the riyal value in Aden to the Hadi government’s printing more than five trillion riyals without insurance, in light of the absence of the central bank’s role in Aden.

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

YPA