Yemeni riyal continues to collapse in southern provinces

SANAA, Aug. 05 (YPA) – The Yemeni riyal exchange rate continued on Thursday to decline against foreign currencies in the southern provinces, reaching 1025 riyals in Aden and Hadramout provinces.

This came after the central bank of the “Hadi government” pumped sums of money from the new printed currency to the markets, and as a result of the recent decision to raise the price of the customs dollar 100%.

Bankers and economists had warned against pumping new printed currencies that would cause catastrophic repercussions on citizens.

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

YPA