Yemeni riyal continues to fall against foreign currencies in southern provinces

SANAA, Aug. 09 (YPA) -The Yemeni riyal exchange rate on Monday continued to drop against foreign currencies in the southern provinces, reaching 1058 riyals per dollar in Aden and Hadramout provinces.

This came as a result of the “Hadi government” decision to raise the customs dollar price 100% from 250 riyals to 500 riyals, bringing the price of one dollar to 1060 riyals, in the provinces of Aden and Hadramout.

The United Nations, in turn, confirmed in a report published on Thursday, that the Yemeni riyal lost 35% of its value in the areas under the control of the “Hadi government.”

Bankers and economists had warned against pumping new currencies printed by the Hadi’s government to the markets, which 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