Deterioration of local currency in Aden causes closing exchange firms

ADEN, Aug. 04 (YPA) – The Exchange Dealers Association in Aden city, south of Yemen closed on Wednesday all exchange companies after the great deterioration of local currency in the southern provinces.

The Association attributed, in a statement, the decision came because of the deteriorating economic situation and the exhaustion of radical solutions to the foreign exchange rate crisis.

It called on commercial banks to take similar steps in order to achieve the public interest, stressing that the closure of bank transfer networks will reduce deterioration of the riyal against the foreign currencies.

The association demanded the Saudi-backed exiled Hadi government” to take emergency steps to reform the economic situation, pledging not to reverse its decision without reaching radical solutions.

The Yemeni riyal recorded a significant deterioration against the foreign currencies, as the price of one dollar during the past days reached 1020 riyals, for the first time since the start of the aggression on the country.

AA